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Q. What is Economic efficiency?
Economic efficiency Explain a situation where the total value of the end uses, to which the resources are put, is maximised. A consequence is that all resources will be put to their highest value uses.
Long Run Average Cost (or LAC) -Constant Returns to Scale If the input is doubled, the output will double and average cost is constant at all the levels of output.
EMPLOYMENT AND UNEMPLOYMENT POLICY: Engagement of a person in any economic activity is central to the concept of identifying a worker. A worker is one who participates in any
How the inflation effect on the Import and Export of the country? When general price level enhances in an economy, local currency is devalued. Economy has to spend more on imp
Yuen, a travelling salesman for snake oil, can produce the stuff at a marginal cost of 1. There are 100 potential customers in Vernon, each of whom has the following demand functio
output and price determination under oligopoly market structure
definition of abnormal isoquant and normal isoquant
ahmed has 500 dolars.asma has 700 dolars.cismaan has 800 dolar
RELATIONSHIP BETWEEN TFC ,TC ,TVC
Assess whether market economies have been more successful than planned economies in providing welfare for citizens. The student is expected to outline some of the basic issues
Define the returns to scale in production technology. Returns to scale in production technology: Assume that we are using some vector of inputs x to generate some output y a
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