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Q. What is Economic efficiency? Economic efficiency Explain a situation where the total value of the end uses, to which the resources are put, is maximised. A consequence is th
Q. What do you meant by Real GDP? Real GDP:Value of total gross domestic product (which is, all the services and goods produced for money in the economy) adjusted for effects o
What is production with one variable input
Explain welfare grants and subsidies
meaning, scope, nature
is south african economic system more allocative efficient?
Ask quesQuestion 1. A firm has a production function given by Q = L1/2 K, where L is labour and K is capital. Draw and appropriately label at least three points on each of the isoq
Laspeyres index The Laspeyres index tells us that: - The amount of money at present year prices which an individual requires to purchase bundle of goods and services which w
Find the market-clearing price and quantity of burritos.
what are the main properties and assumptions of indifference curve
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