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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.
Suppose taht two people, Michell andJames each live alone in an isolated region. They each have the same resources available, and they grow potatoes and raise chickens. If Michelle
Q. What do you meant by Hoarding? A situation in that companies, financial investorsor individual consumers choose to hold hoards of cash or other liquid assets, instead of spe
would a rational producer be concerned with the average or marginal product of an input in dec
The raspberry growing industry is a perfectly competitive industry. The firms in the industry have a U-shaped LAC, minimum average cost is $8 and the minimum efficient scale is 4 u
find the highest premium find the actuarialy fair premium
explain graphically Equilibrium of a multi product firm
reaction of mechanism of nitrous acid with benzene diazonium chloride in presence of Cuperous oxide
What is International Trade Economics, Explain study area of international trade economics.
Households: The fundamental unit of individual economic behaviour. Households offer labour supply to labour market, make consumer purchases,earn income (from employment and other s
Select the production possibilities curve for an economy with 42 units of labor
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