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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.
Suppose there are two countries (home and foreign) and that two goods can be produced within those countries: machinery (M) and bread (B). Marginal product of labor (MPL) is given
a more simple explanation of the group equilibrium in the short and long run
1. Clorox lowers the price of its GreenWorks TM bathroom cleaner. All other things remaining the same, choose how you think this will impact the market price of Pine-Sol. (Circl
determine if completeness and transitivity are satisfied for the following preferences defined on x=(x1,x2)and y=(y1,y2);if x>y or x=y and x2>y2,if for min{x1,x2}
explain normal profits and abnormal profits
plese give me supply assigement
2. You are examining the effects of a specific tax of 10 cents imposed on the sales of a product that we shall call XYZ. To carry out your analysis, assume that the market is a per
Q. Market Income and Socialism? Market Income: A household's total pre-tax income obtained from its activities in formal economy, including salaries andwages, investment income
what are the pros and cons of monopsony
The price elasticity of demand is how economists calculate the responsiveness of consumers to alters in prices for a commodity. In other words, as price enhances (reduces), the qu
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