Allocative and productive efficiency quizlet: free download. On-line document store on 5y1.org

[DOC File]Kansas State University
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Capitalism faces repeated crises because the market, dependent largely on worker consumption, expands more slowly than productive capacity. Moreover this unutilized capacity creates, in Marx's phrase, a . reserve army of the unemployed, a cheap labor source that expands and contracts with the boom and bust of business cycles.

[DOC File]AP MICROECONOMICS UNIT #3
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5. Cost minimizing input combination and productive efficiency. D. Firm behavior and market structure (25–35%) 1. Profit. a. Accounting versus economic profits. b. Normal profit. c. Profit maximization: MR=MC rule. 2. Perfect competition. a. Profit maximization. b. Short-run supply and shutdown decision

[DOC File]Answers to even-numbered questions
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Workers differ in the amount of other factors of production with which they are working. Clearly a person working with modern machinery will be much more productive than one working with little or no equipment. The price of the good that is being produced. The higher its price, the greater will be the value of the worker’s output. 4.

[DOC File]Chapter ending questions:
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Low-cost ICT improves allocative efficiency by choosing input-output combinations to minimize cost at prevailing factor prices, augments technical efficiency through cutting costs by better access to both factor and product markets, and facilitates economies of larger-scale production by breaking labor and capital constraints.

[DOC File]CHAPTER OVERVIEW
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3. Allocative efficiency is not achieved because price (what product is worth to consumers) is above marginal cost (opportunity cost of product). Ideally, output should expand to a level where price = marginal revenue = marginal cost, but this will occur only under pure competitive conditions where price = marginal revenue. (See Figure 10.6) 4.

[DOC File]Section 1: Microeconomics
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Explain that the condition for allocative efficiency is P = MC (or, with externalities, MSB = MSC) Explain, using a diagram, why a perfectly competitive market leads to allocative efficiency in both the short run and the long run. Explain the meaning of the term productive / technical efficiency

[DOCX File]Ghulam Hassan - Home
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Advertising provides information about new products and product improvements to the consumer. Advertising may result in an increase in competition by promoting new products and product improvements. It may also result in increased output for a firm, pushing it down its ATC curve and closer to productive efficiency (P = minimum ATC).

[DOC File]CHAPTER OVERVIEW - Webs
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A. Productive efficiency is improved when a technological advance involves process innovation and a reduction in costs. (Figure 24.5a and b) B. Allocative efficiency is improved when a technological advance involves a new product that increases the utility consumers can obtain from their limited income.

[DOC File]AP ECONOMICS CHAPTER 2 STUDY GUIDE TB2
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5. When an economy achieves both allocative and productive efficiency, it implies that there is: A) income equality. B) price stability. C) full production. D) fixed technology. 6. With productive efficiency: A) the state of technology, or methods used to produce output, constantly change.

[DOC File]Unit I: Fundamental Principles
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Explain, with examples, how your graph shows 5 concepts: opportunity costs, efficiency, unemployment, the law of increasing opportunity costs, and economic growth. (____/11) Use the PPF-A and PPF-B on the back of this paper to answer the following: On PPF-A, what is the opportunity cost from point a to b in terms of guns? What about moving from ...

[DOCX File]chapter 1
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marginal analysis; allocative efficiency 80. (Figure: Crop Yield and Fertilizer) The graph shows a hypothetical relationship between tons of fertilizer used and crop yields.

[DOC File]Substitutes in production – goods for which producing more ...
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Any bundle of goods on the PPF is said to be a result of productive efficiency. That is, no more or either good could be produced without producing less of the other good. Points below the PPF are said to be inefficient. More of one or both goods could be produced with the same inputs. Points above the PPF are unobtainable.

[DOC File]University of Louisiana Monroe | ULM University of ...
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WIKIPEDIA SOURCES FOR ECON-2001 (Macroeconomics) Chapter – 1 Limits, Alternatives, and Choices. The Economic Perspective Scarcity and Choice. Purposeful behavior ...

Allocative and productive efficiency quizlet