What is efficiency in economics?

Q: What is marginal benefit? How do you calculate marginal benefit?

A: Marginal benefit refers to the additional benefit that obtained by increasing the output by one more…

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: What is conspicuous consumption?

A: Conspicuous consumption is a practice of of purchasing goods and services with the aim of displaying…

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: Is economics related to marketing?

A: In a market economic activities refers to the primary activities of a business or a household when…

Q: Can you explain donut economics

A: Economics: It describes the interaction of people with value.

Q: what is demand in micro economics

A: Demand is the number of consumers who are able and willing to purchase goods at a range of prices…

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: I am trying to figure out how to find the marginal benefit

A: To show how to calculate the marginal benefit.

Q: Are allocations methods more or less efficient than other methods?

A: There are different methods adopted for different goods for the allocation of resources. Some of…

Q: Where does allocative efficiency occur? where the price of a good is equal to the marginal cost of…

A: Allocative efficiency is a condition of the economy where creation is lined up with purchaser…

Q: why is competition good for the consumer from an economics perspective

A: We know that firms in a perfectly competitive market produce the socially optimum quantity of output…

Q: The term 'marginal' in economics means

A: To find : What did the term marginal means.

Q: What are the three types of Efficiency necessary to achieve Economic Efficiency?

A: Economic efficiency is achieved when the production is cost effective and is able to achieve maximum…

Q: How would you use a partial equilibrium to prove a bubble is possible?

A: Partial equilibrium can be defined as a condition of economic equilibrium which mulls over just a…

Q: An efficient allocation of resources occurs when?

A: An efficient allocation of resources happens when resource allocation can be governed with the…

Q: Short question find allocation that it is pareto optimality and it is not Envy Freeness up to one…

A: An allocation is Pareto efficient in case there could be no other allocation in which some other…

Q: Define the term in economics "absolute advantage" and illustrate with an example.

A: Microeconomics is that the study of people's and enterprises' resource allocation choices and also…

Q: What is absolute advantage

A: Adam Smith's theory of absolute advantage can be explained as follows.

Q: In what sense is a competitive equilibrium a good or bad thing for a given economy?

A: When talking about competitive equilibrium, it is the situation in the market where many firms…

Q: What are market failures?

A: Equilibrium in a market occurs when the demand curve, and the supply curve intersects. At this level…

Q: The branch of economics that assesses how efficienty and equitably an economy allocates its scarce…

A: The overall scarcity of the resources arises only and when the certain given resources or means to…

Q: In the words of Columbia economist Jeffrey Sachs, “Markets won.” But will markets stay the winner?

A: The markets are an institution which involves buyers and sellers to interact in the marketplace as a…

Q: What are three types of Efficiency?

A: Efficiency refers to optimal production and distribution of scarce resources. The main three types…

Q: There are two consumers and two goods (A and B) in a competitive economy. At the competitive…

A: Condition in perfectly competitive market: Mua/MUb = Pa/Pb

Q: What is marginalism?

A: Macroeconomics: The study if the economy as a whole or in totality is termed as macroeconomics. For…

Q: How should marketers respond to the changing environment?

A: It is essential to be proactive always in this rapidly changing environment for marketers. It is…

Q: On average, the market price of roses on Valentine's Day is $10 per rose. Interestingly, when…

A: Here, the given graph shows the willingness to pay for a specific unit of roses and the utility or…

Q: What is the effect of economic dependency in our society?

A: Economic dependence is common everywhere the planet. No country on Earth is 100% economically…

Q: What is the difference between comparable advantage and absolute advantage?

A: International Trade is the exchange of various goods and services with foreign countries.  The…

Q: True or false? Basic economic concepts can be used to understand the pricing of products.

A: Goods and services are produced by bring together various factors of production. These factors of…

Q: What is the goal of a firm in a market economy?

A: In a market economy(free markets), the prominent goal of a firm or business entity is to maximize…

Q: Which of the following is a producer good?

A: To find: Which is producer good.

Q: What is the main idea behind the concept of allocation of resources?

A: One of the most important functions of an economic system is the optimal allocation of scare…

Q: markets

A: There are 2 kinds of market forms: Perfect and Imperfect market form. These includes markets like:…

Q: Explain the economic concept of incentives.

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