StudentShare solutions
Triangle menu

Economics CA - Essay Example

Nobody downloaded yet

Extract of sample
Economics CA

Comparatively, the supply of diamonds is so low that the usefulness of one diamond is greater than a glass of water, therefore, people are willing to pay a greater amount for diamond as compared to water. This concept can be illustrated with the help of the following graphs:
According to the graph, the supply of water is almost horizontal, so where ever you shift the demand, the equilibrium price will always remain constant. In contrast to this the graph of diamonds show a steep supply, so it’s equilibrium price is not affected by the change in demand.
We can apply the same concept to explain the reason why an athlete earns so much money. It takes a lot of time and effort to become a professional athlete. Not everyone is capable of becoming a pro athlete; therefore, the supply of a professional athlete is far less than other professions such as engineers, doctors, accountants etc. Moreover, there is an international demand for athletes as they are being liked by numerous fans that are willing to pay a large amount to buy tickets to see their favorite athlete compete. An athlete with a larger number of fans has a higher salary as compared to an athlete with a less number of fans. So, being in a less quantity ( low supply) and a large number of fans ( high demand) results in a high marginal utility of professional athletes, therefore their salaries are high and they make so much money by showing their performances to the audience.
2. A person’s wage is related to his/her worth to the firm. Use the background information and do some research on your own. Compare the marginal revenue product of a teacher to a professional athlete. Why is it different? Be sure to read the marginal productivity presentation on this topic prepared by the instructor.
Ans. Marginal productivity is the increase in productivity by the addition of one additional unit of input. Marginal revenue product is closely related to marginal ...Show more

Summary

According to the diamond water paradox, water is needed to sustain human life, yet it has no value in front of diamonds even when diamonds have no such specific use except to be used as jewellery or in industrial machinery. This phenomenon can be explained by the economic…
Author : lhuels
Economics CA essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Economics CA"
with a personal 20% discount.
Grab the best paper

Check these samples - they also fit your topic

ECO202 CA
When expansion reaches its peak, it then slowly falls down into a Recession, the second phase, which is on the contrary characterized by falling employment, low output or income, and rising interest rates. And when recession even worsens, it hits a bottom point known as the “Trough”, and then after certain factors permit favorably the economy slowly swings back into a Recovery, the third phase.
3 pages (750 words) Essay
ITM301 CA
Apple Inc., one of the most innovative companies in the world has earned brand equity and customer loyalty by designing a customer-friendly help desk infrastructure. There is no doubt that if IT companies start providing efficient and user-friendly technical support to their clients, they can charge a premium of the value-add to their customers and gain a competitive advantage (Rita Marcella).
3 pages (750 words) Essay
ECO202 - CA
The analysis should only cover the period from the beginning of 2008 to the present, and make sure the most recent 2010 changes are addressed. 3. Compare the four countries with respect to Inflation and Prices (CPI). The analysis should only cover the period from the beginning of 2008 to the present, and make sure the most recent 2010 changes are addressed.
4 pages (1000 words) Essay
ECO 202 MOD 3 CA
Q2. The link below takes you to a site that shows you various Treasure security yields and how short and long-term yields differ. This is called the term structure of interest rates and when graphed it is called a yield curve. What is the relationship between short and long-term interest rates as the time to maturity of the debt increases?
4 pages (1000 words) Essay
ITM301 CA
There is no doubt that if IT companies start providing efficient and user-friendly technical support to their clients, they can charge a premium of the value-add to their customers and
3 pages (750 words) Essay
ECO 202 MOD 3 CA
This is called the term structure of interest rates and when graphed it is called a yield curve. What is the relationship between short and long-term interest rates as the
4 pages (1000 words) Essay
Health Economics
Some could attest how HMO as a managed care actually have reduced cost for health care, but Getzen would want to establish the point it is not going to be the ultimate
2 pages (500 words) Essay
CA 1 RED
The learner is able to gain an understanding and analyze various types of texts. It is crucial to observe that there should be no effort to eliminate simple items or change their complexity in the tests. When the learning
1 pages (250 words) Essay
Applied Economics
In this case, this can be achieved through looking at data involving four major economic factors of a country namely: Inflation, money at its local currency unit (LCU), revenue collected form tax and the gross domestic product of a given country. The following
1 pages (250 words) Essay
Urban economics
The population of the country is also a significant factor in the economic growth especially in the line of labor capital and labor market. The above mentioned variables can well be compared to other
5 pages (1250 words) Essay
Hire a pro to write
a paper under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT
Comments (0)
Click to create a comment