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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.
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illustrate and discuss implications of various market structure(non competitive and competitive) for price determination
Floating exchange rates There are two basic systems that can be used to determine the exchange rate between one country's currency and another's: a floating exchange rates (al
how the equilibrium output and price is determined in williamson model of managerial discretion?
veblen effect
explain how macro and micro issues may be represented using production possibility curve
Point elasticity: It refers to measurement of elasticity on a point On a demand curve. Point elasticity helps in measuring elasticity where change in price and quantity is infinite
I have an assignment need to be done
law of diminishing returns
assume you are selling a product and when your price is decreased by 29% your quantity demanded increases by 55%. What is your price elasticity of demand?
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