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Q. What is Cost effectiveness analysis? Cost effectiveness analysis A method which seeks to identify the least cost option for meeting a particular objective. It actives prior
Explain the term economic efficiency? Answer: Economic Efficiency means full utilization of all available resources in economy i.e. to produce the needed amount of goods and
Learning curve implies: 1) The requirement of labor falls per unit. 2) Costs will be high at 1 st and then will fall with learning. 3) After eight years the labor requ
a. The diagram above depicts the current position of a hypothetical economy using the Keynesian Income/Expenditure approach. If national income is currently at Y1 explain why this
Perfect competition: Perfect completion refers to the market structure in which there are a large number of relatively small firms, each firm having freedom of entry into and
f(x1 x2,x3,x4) =min(x1/4x22/3,x3+2x4)
The Equilibrium Consumption Combination equilibrium for the person occurs at the point where the indifference curve, shown by II, is tangent to the budget line, portrayed by BB. T
hoe does the knowledge of price elasticity of demand important to the government
explain how macro and micro issues may be represented using production possibility curve
#questDuring the 1990s, technological advance reduced the cost of computer chips. Explain, with the use of supply and demand diagrams, how the following markets are affected in ter
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