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Doesn't productive efficiency (or any efficiency for that matter) vary per person? In other words, isn't it true that what one person believes is productively efficient, might not be productively efficient to another? If this is the case, how do we evaluate productively efficient (or efficient in general)?
From: Efficiency can mean many things to many people. Even in economics, there are different types of efficiency. Here we are discussing productive efficiency. An economy is productively efficient whenever it is producing the maximum output with given tech-nology and resources.
Purpose of this course is to improve your economic decision making and increase your productivity as an employee or entrepreneur.
Explain why the short-run aggregate supply curve is not vertical, but the long-run aggregate supply curve is vertical.
LG Electronics plans to invest 30 trillion won by 2010 to make this happen, hoping that the cost savings and reduction in risks associated with vertical integration justify the investment.
Businesses usually decide in using automation and labor in production. An automotive environment may have high fixed costs and low variable costs,
Consider the problem of maximizing the profit function (pi)= pY -wL subject to the production function Y= L to the alpha (as the exponent) where alpha E (epsilon) (0,1).
When you buy a set of speakers, Best Buy asks if you would like to purchase insurance for your speakers. Assume that paying for new speakers for customers who listen to music at a reasonable level (thus minimizing damage) costs, on average, $150, ..
Draw the new budget line and use the indifference curve to identify the change in quantity purchased and illustrate the income and substitution effects.
Price elasticity of demand for two customer segments
Consider the utility function \(U(x,y) = y\sqrt{x}\) a)Does the consumer believe that more is better for each good? b)Do the consumer's preferences exhibit a diminishing marginal utility of x? Is the marginal utility of y diminishing?
Want the duration of its assets to be greater than the duration of its liabilities - a positive duration gap.Want the duration of its assets to be greater than the duration of its liabilities - a negative duration gap.
As in part A there is a 50% chance the share market crashes. If John maximises expected utility, what value of ß should he choose?
However, the offer was contingent upon the Wallace board eliminating the poison pill. Wallace consulted with its investment banker, which advised the company that the offer was inadequate but did not inadequate. Both the board and its banker belie..
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