Overall, maximum production efficiency can be difficult to attain. As such, economies and many individual entities aim to find a good balance between the use of resources, the rate of production, and the quality of the goods being produced without necessarily maxing out production at full capacity...
How can the external marginal benefit and external cost curves be used to find the efficient level of an externality? What is the marginal propensity to consume? Explain. Give specific examples and discuss how diminishing marginal productivity affects marginal revenues and profits of firms. ...
Opportunity cost is the loss of not having the next best alternative while making a decision for purchasing some commodity. It is calculated by dividing loss by gain. It tells about the sacrifice of some good to have another good. For example, the opportunity cost of havin...
Owning a car is a dream for many. Thanks to the easy availability of low-cost loans, most of us can convert this dream into reality. However, owning a car can still be heavy on the pocket. A vehicle requires regular maintenance, repairs in case of damage or breakdowns, ...
Step 1: Determine the Insurance Companies to Work With Before diving into the credentialing process, it’s important to determine which insurance companies you want to work with. This decision should be based on several factors, including the demographics of your patient population, the insurance pl...
If you have paid the premium for more than 3 years: Whether you should withdraw or hold that investment is based on Alternative Opportunity you have at that point in time. If you find that you will be better off investing in Mutual Fund directly instead of remaining Invested in ULIP, then...
For instance, if you you forgot to declare tax-exempt interest from PPF or interest on Saving Bank account or you had not declared some income such as interest on your fixed deposits or you paid your self-assessment tax or you want to correct the data. ...
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Provide an example of how "Marginal Benefit vs. Marginal Cost" or "Opportunity Cost" can be applied in the real world. To what extent is growth limited by diminishing marginal productivity? If the economy is on the production possibilities frontier (PPF), the economy ...