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Explain the term economic efficiency?
Answer: Economic Efficiency means full utilization of all available resources in economy i.e. to produce the needed amount of goods and services. When economy is producing its needed amount of goods and services by utilizing all of its resources, then the economy is considered to be an efficient economy.
Productivity:Generally, productivity measures efficiency or effectiveness of productive effort. Productivity can be measured in several different ways. Physical productivity measur
What barriers to economic growth can be explained using the Harrod-Domar model? Definition and outline of the Harrod-Domar model; growth in national income = savings ratio over
Define Nash equilibrium
National income: The national income or product or expenditure provides a measure of total value at factor cost of final goods and services, which are available either fo
a. Suppose the demand for saline solution is perfectly inelastic for contact lens wearers. If the government imposes a tax on saline solution, what occurs? Be sure to tell what hap
Given the cost function as C=0.3Q3 -2Q2 + 13Q + 25, find the supply function.uestion..
how can we bring in the marginal propensity to consume
TC = 1q^3 - 40q^2 + 840q + 1800 Price= $750
STATE AND EXPLAIN SLUTSKYS THEORM?
How is consumer utility calculated?
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