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Allocation Function
The shifting or reallocation of production property into or out of markets based on shifts in prices for the products or services produced in that market. If price moves in a technique that indicates an increase in requirement, more firms may try to enter that market and gives a supply to meet that requirement. Conversely, if price shifts in such a way that demand looks to be diminishing, several firms may choose to leave the market and direct their resources elsewhere.
Problem: i) What do you meant by the term ‘economic efficiency'? ii) By using appropriate examples differentiate between fixed and variable costs. iii) Consider different
Gross Domestic Product, Deflator: A price index that adjusts the overall value of GDP according to average increase in the prices of all output. GDP deflator equals the ratio of no
TYPES OF POLLUTANTS In general the air pollutants can be sub divided into 2 catexampleories: Primary pollutants and Secondary pollutants Primary pollutants These are the poll
Joe won $365,000 a year for life in the state lottery. Use a labor-leisure choice analysis to answer the following: a. Show how Joe’s lottery winnings affect the position of his b
What are the various forms of aid a developing country might receive? Here the student must show clearly the difference between grant (donor) aid; reciprocal (tied) aid; bilat
RECENT DEVELOPMENT OF DEMAND THEORY: The basic theory of consumer behaviour discussed in the previous unit can be extended in many directions, and can be applied to cover opt
what is ''Prisoner''s Dilemma'',of non-cooperative game?estion..
Another school of thought developed what is called loanable funds theory of interest. Among the principle economists who contributed to the development of loanable funds theory men
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