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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 prioritisation between options, but ultimately cannot assess whether an option is economically worthwhile.
Isoquants * Assumptions - Food producer has 2 inputs Labor (L) & Capital (K) * Observations: 1) For any level of K, output increases with L. 2) For any
Air is one of the important constituent in the environment that is prone to pollution. Pollution of air refers to that part of atmosphere which is very nearest to the earth’s surf
In the short run, the size of the plant is fixed whereas in the long run a firm can adjust its plant size. One of the choices in the long run will be the short run plant size. That
Explain how the price system eliminates a surplus. The meaning of surplus is that quantity demanded is less as compared to the quantity supplied. This will lead to downward pr
explain economic growth
Price Elasticity A measure of the change in demand for a product relative to unit changes in the price of the product. If the percentage change in quantity demanded is greater
discuss how a knowledge of price elasticity and income elasticity be of practical use to a firm
This is the practice of maximizing profits and revenues and minimizing costs, using marginal analysis.
what are the pros and cons of monopsony
What is framework in the Modern Economics? Framework in the Modern Economics: The framework is a framework which uses to deal along with daily activities and is utilized to
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