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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.
Using a graph of the compensated and uncompensated demand curves, show how the magnitudes of the CV, EV, and ?CS will be related to each other when there is a ceteris paribus incr
Cross-Price Elasticity of Demand is explained below: Cross price elasticity of the demand is the percentage change in the quantity demanded of a particular good, with respect t
Explain the key assumptions and desired properties commonly used economics. Economists generally make all or some of the given key assumptions and a condition while they study
CRITIQUE OF ECONOMIC REFORMS: The critique of economic reforms should consider the actual growth rate achieved, its impact on employment and poverty reduction, its impact on l
explain how macro and micro issues may be represented using production possibility curve
Concepts of Income and Substitution Effects: Change in demand for a good due to one unit change in price of that good for given prices and money income is known as own price
Does the curve represent if the risk is NOT taken and the line connecting two points on the curve represents if the risk IS taken?
the existance of a labor marketcharacterised by perfect competition is a fallacy.discuss
The market for labor can be studied use a supply and demand framework. The demand for labor is from employers who use labor to produce goods and services. The supply of labor is
ways of imroving productivite
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