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What are the advantages of leaving resource allocation to price allocation?
Ans) The 5 benefits are Neutral, Flexible, Freedom of choice, No administrative cost and lastly Diminished incentives. Distinguish among diminishing returns and diseconomies of scale. Diseconomies of scale I guess means as you make more it becomes more costly to produce. For example, you make output 1 for $2 but output 2 for $5 thus the second one needed $3 Now let us say input for output 1 had to be doubled for input 2. One land gave output 1. Output 2 required 2 lands. Then there are not diminishing returns. Though, as second land was costing $3 there was diseconomies of scale.
Explain the impact of Wal-Mart's supply chain management on its total product, marginal product, and average product curves. What has been the effect on its retail prices?
brifly explian
Explain how changes in the quality of healthcare will influence the demand for care.
What are the social economic and non economic factors? Development is also a procedure involving change in some social economic and non economic factors comprising: • Econom
Q. Characteristics of endogenous growth theory? There are many different explanations for technological progress. Most of them, though, have many common characteristics:
National Product and Domestic Product A modern economy produces literally thousands of different goods and services. Some of these goods and services such as rice, wheat, shir
Product A is an end item and is made from two units of B and four of C. B is made of three units of D and two of E. C is made of two units of F and two of E. A has a lead time o
Why might external economies of scale be of interest to developing countries?
Trade and Economic Growth: For a long time, academic debate on trade liberalization and its positive effects on growth rate remained inconclusive and unsettled. But most recen
differentiate among the theory of external trade
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