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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.
#question.Question: Answer all parts (a, b, c, d, e & f). Consider the following insurance market. There are two states of the world, B and G, and two types of consumers, H and L,
Economic instruments Financial rewards, incentives and penalties that operate automatically via market forces, to encourage beneficial behavior.
Indifference curves present all possible combinations of market baskets that give the similar level of satisfaction to a person. Indifference Curves 1. Indifferen
The elasticity coefficient is a number measured using price and quantity data to verify how responsive consumers are to changes in the price of a commodity. The elasticity coeffic
a) Examine at least three (3) possible areas for the industry that could lead to transaction costs, and describe each in detail. b) Speculate about the behaviour that could
What is the resultant pressure if 2.7 mol of ideal gas at 273 K and 2.51 atm in a closed container of constant volume is heated to 399 K
If the price of that cup of teh-tarik has increased in such an amount,economists may not necessarily conclude that the country is going throungh inflation.why is that so?
What is the mathematical definition of price elasticity of demand The price elasticity of demand is the percentage alters in quantity demanded divided by the percentage change
1. The marginal benefit (demand) curve for pollution for an industry is P=100-4*Q, where Q is emissions in tons. The current emissions tax (price) for pollution is $40/ton. Regu
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