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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.
1.what is price mechanism? 2.how does price mechanism benefit an echonomy. 3.what are the characteristics of a centrally planned economy?
Use a supply and demand diagram to help explain how a city council might help to decrease traffic congestion in the city during weekends. pointing out that demand happens d
In the purely competitive analysis, there were two dissimilar models, one model for the industry, in which the interaction of supply and demand recognized the market price and quan
relationship between tfc , tvc , tc
Explain about the determination of equilibria. Determination of Equilibria: The fourth step for studying an economic step is to make trade-off choices and find out the be
in the keynesian model, the price is assumed to be what?
Economies of scale are advantages obtained from a company becoming large and diseconomies of scale are additional costs inflicted because a firm has become very large. The causes
Unions in a Competitive Market: Again, there a group of economists who will rely on the use of the competitive model to demonstrate the evils of unionization. The most regular anal
This is the practice of maximizing profits and revenues and minimizing costs, using marginal analysis.
#1 explain with the aid of diagram the effect of an increase in demand for palm oil on the equilibrum position for palm kernel
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