Illustrate the term Economic Rationale
Illustrate the term Economic Rationale?
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Economic resources are not completely adaptable to alternative uses. To get increasing amounts of pizza, resources that are not particularly well suited for that purpose must be used. Workers that are accustomed to producing robots on an assembly line may not do well as kitchen help.
This Assignment assesses the following module Learning Outcomes:1. Describe current production concepts and techniques in formulating a manufacturing strategy.2. Discuss the development and implementation of manufacturing strategies in the busi
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A perfectly competitive firm produces 3,000 units of a good at a total cost of $36,000. The cost of each good is $10. Calculate the firm's short-run profit or loss. w) loss of $6,000. x) profit of $6,000. y profit of $30,000. z) There is insufficient
How will the system accommodate change?
Distinguish between the resource market and product market in the circular flow model. In what way are businesses and households both sellers and buyers in this model? What are the flows in the circular flow model?
Which of the given describes a situation in which each good or service is produced up to the point where the last unit gives a marginal benefit to consumers equivalent to the marginal cost of producing this? w) productive efficiency.
Question: A country with a fixed or managed exchange rate would consider i.___________________ its currency to gain competitive advantage vis-à-vis its trade
The dataset used in this question contains data on 180 economics journals for the year 2000. The variable descriptions are as follows: logoclc - log of the number of library subscription loglibcit - log of the library subscription price per citation.
The expected losses to workers by shirking are increased while a firm adopts a policy of: (1) dividing productive tasks therefore the division of labor is optimal. (2) paying efficiency wages that exceed market-clearing wages. (3) avoiding legal liability from not wri
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