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Allocative Efficiency The production of products and services such that stages of production are closely tied to levels of customer demand.
Mikes' preferences for consumption and leisure may be represented by the Utility function: u(C, L) = ( C-200)*(L-80) . His marginal utilities of leisure and consumption are (C-200
Individual Assignment ECO101 - PRINCIPLES OF ECONOMICS electronic submission via Moodle 6 Questions 100 marks (15% of total course) All questions should be attempted. 30-50 w
Participation in Global System of Production: As national economies are getting more inter-linked, the share of foreign components in most manufactured products is progressiv
What is methodological economics? how its significance, Describe use of methodological economics...
Technical Economies: They are economies that accrue from the use of large machines with emphasis on full utilization and efficiency in production. First, there are some equip
How might one measure differences in living standards between less developed and developed countries? This is a very wide question where any clear and relevant calculate shoul
Government Policy Business Cycle Business cycles create instability in the economy. The period of boom or rising business activities is characterised by increase in output, emp
Diseconomies of Scale A rises in a firm's cost of producing an additional unit as all another factors of production rising. Diseconomies of scale can be caused by poor and ine
what are the forecasting techniques
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