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Allocative efficiency criteria are satisfied by the competitive model. Because P = MC, in each market in the economy there is no over- or under- allocation of resources in this economy. This is due to the cost of production for the last unit of production is what shows supply, and that cost of production includes only the engineering costs. Though, this result is obtained only if all industries in that economic system are purely competitive. This is the contribution of the models of distribution formed by economists working in the marginalists traditions. The problem is that this is economic theory that is not essentially supported by empirical evidence.
Which of the following industries do you think are likely to exhibit large economies of scale? Explain why in each case. a. House building b. Electricity generation c. Market ga
advantages and disadvantages
Processors of aseptically packaged juice-based beverages must adequately heat their product before packaging it in order to be sure that they have “killed” the microorganisms which
what is production possibility curve?
A recent national survey found that high school students watched an average (mean) of 7.2 DVDs per month with a population standard deviation of .90. A random sample of 35 college
average-marginal relationship
Define International Quota Agreements, • International Quota Agreements seek to prevent fall in commodity prices by regulating their supply. Under the quota agreement export quot
if a commodity has limited demand , should economist say that we still have a scarcity ?
Ask questA rmuses 4 inputs to produce 1 output. The production function is f (x 1 ; x 2 ; x 3 ; x 4) =minfx 1 ; x 2 g + minfx 3 ; x 4 g.ion #Minimum 100 words accepted#
Example of a cost function
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