Are all efficient outcomes also equitable? explain.

Q: Describe the benefit-cost ratio?

A: Benefit cost ratio is described as a ratio used in cost benefit analysis to sum up the general…

Q: Which of the following claims about traditional and ecological economics does not demonstrate a…

A: Given that it pertains to every field, economics is regarded as a subject that is pervasive.…

Q: (d) Slavery is abolished. Brad is required to give Angelina half of everything she produces. (i)…

A: Introduction Angelina is a peasant farmer who produces food. i) Brad and Angelina both will get the…

Q: Define horizontal communication with example ?

A: Communication: It is the medium or the process of sharing information, thought, ideas between two or…

Q: Battle of Sexes a. Find and explain all outcomes which are Pareto Efficient. b. Find all the…

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Q: What is the Benefit-cost ratio?

A: The process of analyzing the total benefits and total costs associated with the implementation of a…

Q: What type of economists believe that markets naturally self-correct, and will reward good strategies…

A: Laissez fair economics theory advocates non-government intervention in the economic activity.  They…

Q: List two types of utilitarianism?

A: In economics, Utilitarianism refers to the ideology of making activities that result in happiness or…

Q: What are the likely consequences of not intervening?

A: The government can intervene in an economy through various ways and this can affect differently to…

Q: What is efficiency in economics?

A: Meaning of Economics: The term economics refers to the situation under which there remain…

Q: As long as marginal benefit exceeds marginal cost, any economic activity is optimal. 1) True 2)…

A: Marginal Cost (MC): - it is the additional cost incurred due to the production of additional units…

Q: Does a 24/7 store follow the marginal benefit principle?

A: The marginal benefit can be understood as equals the amount by which total benefit rises or enjoyed…

Q: What is a major difference between adaptive and rationalexpectations? Give an example of each.

A: Meaning of Macroeconomics: The term macroeconomics refers to the situation of economic and…

Q: How equilibrium is determined in microeconomics?

A: Equilibrium is defined as a state in the economy where all economic forces are balancing each other.

Q: What are the different effects of MARKET FAILURE on humans, society, and the economy? Give at least…

A: defination: Market failure happens when the value component neglects to represent the entirety of…

Q: Market failure means that?

A: The reasons for the market failure can be due to the: positive and the negative externalities,…

Q: How does cost-benefit analysis differ from cost-effectiveness analysis?

A: Definitions: Cost-benefit analysis:  A cost-benefit analysis assesses the profitability of…

Q: CLOI. Define economics and explain its importance to individuals' and firms' success.

A: NOTE: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Explain the concept of Pareto efficiency and discuss how it can be achieved through trade.

A: Pareto"s efficiency is defined as the economic situation when the circumstances of one individual…

Q: In capitalist economy, does it project a fair price for the consumer?

A: There are various types of economy . Capitalist economy, socialist economy and mixed economy . Where…

Q: Using an Edgeworth box, illustrate and explain the concept of Pareto efficiency

A: The above figure represents the Edgeworth box where O1 is the origin of the individual-1 and O2 is…

Q: If slice of life Pizza can get its restaurant to be used in an upcoming movie, then this would be a…

A: Marketing means promotion and selling of goods and services which includes market research and…

Q: What is scarce in economics

A: Economics is a subject of social science. It is commonly said that economics is the queen of social…

Q: Four individuals who live around a camp are hosting separate chirstmas parties, and all are…

A: The equilibrium output level is achieved where Marginal Benefits = Marginal Cost Individual marginal…

Q: What are the Indicators of market potential according to Economic factors?

A: The economic indicators measure the performance of various variables and thus make predictions about…

Q: what are 2 assumptions that underline the conclusion that free market are efficient?

A: Free Market Economy:It is a system of the market in which prices of commodities are determined by…

Q: Why is the right of private property an essential characteristic of a market system?

A: A market system consists of buyers and sellers who interacts in order to make economic decisions and…

Q: How do you think a centrally planned economy versus a market economy would perform under each…

A: Economy is the system where people earn their livelihood. And there are mainly three types of…

Q: Economics is the study of how a society manages its resources to

A:

Q: What defines market equilibrium? How about market disequilibrium? What are the contrasting…

A: Market equilibrium is attained when demand in market is equal to the supply in market. The…

Q: In a production possibilities curve, is a change from inefficiency to economic efficiency obtained…

A: The wants and desires of the individuals in the economy are unlimited but resources possessed by an…

Q: What is an omniscient point of view

A: Omniscient is a word which in simple words means information of everything that is, knowing…

Q: QUESTION 8: The initial endowment point is not Pareto efficient. What is a Pareto efficient point?

A: Pareto efficient outcome means when one consumer can not better off without worsening off the other…

Q: What is Production Efficiency and Inefficiency in economics? Explain with the help of a diagram.

A: The output approach, also known as the production approach, calculates GDP as the difference between…

Q: In the economy, is there only one efficient combination of goods?

A: Meaning of Production Possibility Curve/Frontier: Production possibility is a curve showing…

Q: What is ecological about ecological economics?

A: Ecological economics examines the world and draws interdisciplinarily from principles of biology,…

Q: Theft redistributes resources in a way that violates Pareto optimality. The account of efficiency…

A: Pareto optimality: It refers to that situation in which the people who are consuming different items…

Q: A well educated society can be considered which of the following, as it pertains to economics?…

A: If a person's knowledge and abilities are developed in such a way that they finally result in a…

Q: Explain the economic concept of incentives.

A: Economic incentive: Economic incentives are what persuades you to carry on with a particular goal in…

Q: What are the manifestations of society's tendency to overproduce and overconsume

A: The equilibrium is given by the intersection of the demand and supply curves. At equilibrium,…