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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.
Labour Supply:Total number of workers available and willing to work in a paid position; generally measured by the labour force(even though the labour force usually excludes many wo
Average product of a factor is the total output produced per unit of the factor employed thus, Average product = total product / number of units of factor employed If Q stand
why men and womens indifference curves are different
what is the significance of the Loucas critique in political economy?
The Budget Line The line BB gives the persons budget constraint. It is described by the linear equation c + wl = w; which can be rewritten as c = w - wl: The budget li
merits and demerits of international trade
discuss african traditional methods of production and processing of food
what are the factors causing oligopoly market?
The table shows the demand schedule of Taylor Swift’s concert ticket. Draw the demand curve for her concert ticket
Modern cost curves theory
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