The laissez faire model is inspired by the work of which economic philosopher?

1 answer:

3 0

Laissez faire model was inspired by John Stuart Mill's book "Principles of Political Economy" (1848). This model states that the government should not be heavily involved in the market, and should have a hands off approach.

I hope this helped! :)

You might be interested in

Suppose that a monopoly computer chip maker increases production from 10 microchips to 11 microchips. If the market price declin

Sergeu [11.5K]

Answer:

$19

Explanation:

Marginal revenue is the change in revenue when production increases by one unit

Marginal revenue = change in total revenue / change in quantity produced

total revenue 1 = $30 x 10 = $300

Total revenue 2 = $29 x 11 = $319

change in total revenue = $319 - $3000 = $19

Change in quantity produced = 11 - 10 = 1

Marginal revenue = $19 / 1 = 19

5 0

3 years ago

sheldon goes to the grocery store to buy a few items, and when he gets there he can remember only the last few things that he w

jenyasd209 [6]

The answer is recency effect. The recency effect happens when you only remember the things or events that just happened in a recent time.In this case, Sheldon is showing the recency effect because he only remembered the last part of the list that he was going to buy. If Sheldon had remembered the first part, then he is experiencing the Primary effect, which is the opposite of recency effect

5 0

3 years ago

Read 2 more answers

A fire has destroyed a large percentage of the financial records of the strongwell co. you have the task of piecing together inf

jeyben [28]

Return on assets = .138/(1+ .72414) = .08, or 8 percent.

4 0

3 years ago

John's Auto Repair just obtained an interest-only loan of $35,000 with annual payments for 10 years and an interest rate of 8 pe

Nookie1986 [14]

Answer:

$2,800

Explanation:

An interest only loan represents a type of loan offer where a borrower is only expected to pay the interest either for some of the term of the loan as agreed or for all of the terms of the loan. However, the principal amount that is collected remains constant all through the agreed interest -only period.

Since the loan obtained by John's Auto Repair is Interest Only, it means that the principal of $35,000 remains constant.

Hence, in the 8th year, John is expected to pay only the interest for the period =

0.08 x $35,000

= $2,800

5 0

3 years ago

At a price of $5/hour, bob wants to hire three workers. when the price rises to $7/hour, bob wants to hire only two workers. bob

Rashid [163]

$5 per worker
5*3=15
$7 per worker
7*2=14
total of what he pays the workers per hour
15+14=29
he pays the workers 29 dollars per hour

7 0

3 years ago