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What are the important functions to maximize total surplus?
The market equilibrium maximizes total surplus since the market performs four significant functions are as follows:
1. This allocates consumption of the good to the potential buyers who value this most.
2. This allocates sales to the potential sellers who most value the right to sell the good.
3. This ensures about every consumer who creates a purchase values the good more than every seller who makes a sale.
4. This ensures that each potential buyer who doesn’t build a purchase values the good less than each potential seller who doesn’t make a sale.
Production possibility frontier PPF is a combination of two or more goods a which a country can make in a given timeline or period with resource fully employed.
What is the distinguishing characteristic of institutions in the public purpose sphere? The distinguishing characteristic of institutions in the public purpose sphere is that t
The End of the Malthusian Age We clearly no longer live in a Malthusian age. For at least 200 years improvements in the efficiency of labor made possible by new technologies a
Review the following information pertaining to the potato chip industry and answer the questions below in a five to six double spaced page paper (not including title and reference
How would you convert from moles of iron(III) oxide to moles of carbon monoxide?
The Healthy Spring Water company sells bottled water for offices / homes. The price of the water is $20 per 10 gallon bottle and the company currently sells 2,000 bottles per day.
John has a utility function given by U(M) = M0.5, where M represents an amount of cash prize in a game. If John wins, with the probability of 0.2, he will get $900; otherwise, he g
Absolute advantage is the simplest yardstick of economic performance and it may be simply describe as If one person or a firm or a country may produce more of something with the sa
A local airline charges $500 to fly (round-trip) to Louisville, Kentucky. From the past three months, whereas the $500 fare has been in effect every of the two daily flights have a
Mg(OH)2 + 2HCl-----> MgCl2 +2H2O how many grams of magnesium chloride can be produced from 14.60mL of a 0.546M hydrogen chloride solution?
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