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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.
on what grounds is consumer surplus criticised?
Second degree price discrimination (two part-tariff) An electric utility in Ontario has the following cost structure: TC = 500 + 20Q Suppose that the market (inverse o
explain the fundamental task of economic system usin tomatoes as an example
what is the value in 10 years of 1 million dollars if interes rates are 4%?
3
When the curve that envelops the sweries of possible short-run average total cost curves is horizontal, this means that they are a. economies of scale, b. dieconomies of scale, co
What is micro static analysis?
The plant cell when placed under hypertonic medium loses a great quantity of water and its cell membrane detaches from the cell wall. In that situation the cell is known as plasmol
U+v, UV, u/v
The distinction between supply and the quantity supplied is best made by saying that
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