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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.
#questThe demand for and supply of labour in a certain industry are given by the equations Nd = 400 - 2w Ns = 240 + 2w Where Nd ( is the number of workers employers want to hire
SUPPOSE A MONOPOLIST FACES A DEMAND CURVE OF D(P)=10-P AND HAS A FIXED SUPPLY OF 7 UNITS OF OUTPUT TO SELL.WHAT IS THE PROFIT MAXIMIMISING PRICE AND WHAT ARE ITS MAXIMUM PROFITS
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#question.contrast the long run equilibrium position of monopolistic competition firm and oligopoly.
what is histogram?
Derivation of compensated demand curve: Hicksian compensated demand function for x 1 is given by x 1 =x 1 (p 1 , p 2 , U), where Hicksian compensated demand curve for a good
Potentials of Productivity Growth: It needs to be noted that growth in productivity witnessed in the past are an average rate at the All-India level. There are considerable re
discuss the methods used by the malaysian government to slow down import growth.
illustration for demand of big macs using indifference curve and budget line
1) The $787 billion stimulus package, "American Recovery and Reinvestment Act" passed in Winter 2009 contained a mix of tax rebates, tax credits and increases in various transfer p
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