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Briefly describe efficiency in production?
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- Briefly explain the term incremental innovations. Which companies in terms of the size (small, medium, large size) have more economic incentives to produce these?Business Week, in an article dealing with management, wrote, "When he took over the furniture factory three years ago ... [the manager] realized almost immediately that it was throwing away at least $100,000 a year worth of wood scrap. Within a few weeks, he set up a task force of managers and workers to deal with the problem. And within a few months, they reduced the amount of scrap to $7,000 worth [per year]." Was this necessarily an economically efficient move? Explain your answer.Briefly explain how the economy pictured above could shift production from point E (an inefficient point of production) to point C (an efficient point of production) ?
- Briefly explain how an economy could shift production from an inefficient point of production (such as point E in the picture above) to an efficient point of production (such as point C).Explain what is meant by allocative efficiency and under what conditions is this efficiency achieved? And explain what is meant by efficiency in production, and under what conditions is this efficiency achieved?Graph the following situtaiton for the economy:
- Using the concept of production possibility curve, explain how it can be used to show the relationship between scarcity, choice, opportunity cost and efficiency .Why do marginal costs tend to rise, and marginal benefits tend to fallQ5.1) Briefly outlineSchumpeter’s theory of creative destruction and provide three examples of either organisations that have disrupted the market, or industries that have been disrupted through creative destruction.