Define behavioral economics and give an example. What is meant by the term "allocative efficiency" in economics? Explain what is macroeconomics. How do economists avert a currency's depreciation? Explain the main concepts of income in economics. ...
How do supply and demand function to achieve both productive and allocative efficiency in a market system? What is the way to develop the demand schedule and demand curve? What is meant by an exceptional demand curve? What are the factors for an abnormal demand curve?
In microeconomics, what is the difference between allocative efficiency and resource allocation? Suppose that income is m=102 and prices are p_1=2 and p_2=5, and consider the following utility function : u(x_1,x_2)=(x_1+2)(x_2+1) i) Find the utility-maximizing quantities of x_1...
In economics, a deadweight loss (also known as excess burden or allocative inefficiency) is a loss of economic efficiency that can occur when equilibrium for a good or service is not Pareto optimal. In other words, either people who would have more marginal benefit than marginal cost are not...
State any two characteristics of a perfect competition in economics. Define: - Marginal Cost - Perfect Competition - Market Price. Describe the industry of business, and state why it has a perfect competition market structure. Describe how firms in perfect competition achieve both allocative and pro...
Describe how firms in perfect competition achieve both allocative and productive efficiency. (a) Define and explain perfect competition, monopoly, and oligopoly. (b) Why firms do price discrimination? Why is perfect competition the "best" form of market structure? Does perfect competition exist? Des...