Allocative efficiency Study guides, Revision notes & Summaries
Looking for the best study guides, study notes and summaries about Allocative efficiency? On this page you'll find 236 study documents about Allocative efficiency.
Page 2 out of 236 results
Sort by
![ECON 251 EXAM 3 – PURDUE LATEST 2024 GRADED A](/docpics/4366800/65b80da75865c_4366800_121_171.jpeg)
-
ECON 251 EXAM 3 – PURDUE LATEST 2024 GRADED A
- Exam (elaborations) • 4 pages • 2024
- Available in package deal
-
- £7.31
- + learn more
ECON 251 EXAM 3 – PURDUE LATEST 2024 GRADED A Max profit MR = MC 
substitution effect Px/Py effect of change in "relative price" 
Profit Tr-Tc or (mc)(q)-TC or q(p-ATC) 
MPl change in Q / change in L 
Marginal utility per dollar Mu/p 
Mu= change in U/ change in Q 
P ( for natural) MC, but MC<Atc 
So P<ATC 
Max Utility MUx/Px = MUy/Py 
ATC TC/Q 
or 
AFC + ATC 
AFC FC/Q 
TC FC+VC 
Price giffen good falls? violates law of demand 
AVC VC/Q 
P* MR 
short run some input is fixed 
MC change i...
![Edexcel A-Level Economics Theme 1 || with 100% Errorless Answers.](/docpics/5479963/6657950a6400c_5479963_121_171.jpeg)
-
Edexcel A-Level Economics Theme 1 || with 100% Errorless Answers.
- Exam (elaborations) • 8 pages • 2024
- Available in package deal
-
- £8.53
- + learn more
Model correct answers A theoretical concept that looks at how differant variables interact. 
 
Ceteris Paribus correct answers All other factors remain the same. 
 
Positive Statement correct answers Objective, factually based comments that can be tested. 
 
Normative Statement correct answers Subjective, questionable comments based on valued judgements that are difficult to test. 
 
Scarcity correct answers When there are unlimited human wants but limited number of resources to meet these wants...
![A-level AQA Economics Key Terms and Definitions Revision Exam With All Complete Answers 2024.](/docpics/5078860/6626db8f3f7ff_5078860_121_171.jpeg)
-
A-level AQA Economics Key Terms and Definitions Revision Exam With All Complete Answers 2024.
- Exam (elaborations) • 33 pages • 2024
- Available in package deal
-
- £6.49
- + learn more
Allocative efficiency - Answer This occurs when the available economic resources are used to produce the combination of goods and services that best matches peoples' tastes and preferences. 
 
Division of labour - Answer The specialisation of individuals through the separation of tasks in the production process and their allocation to different groups of workers. 
 
Factors of production - Answer Inputs into the production process namely land, labour, capital and enterprise. 
 
Normative ...
![WGU D089 Principles of Economics Questions and Answers 100% Pass](/docpics/3883950/655e3cc265b7d_3883950_121_171.jpeg)
-
WGU D089 Principles of Economics Questions and Answers 100% Pass
- Exam (elaborations) • 38 pages • 2023
- Available in package deal
-
- £8.53
- + learn more
WGU D089 Principles of Economics Questions and Answers 100% Pass 
Absolute Advantage The capability to produce more of a given product using less of a given resource than a competing entity 
Absolute Quota Strictly limiting the quantity of goods that may enter a country 
Accounting Profit Total revenues minus explicit costs, including depreciation 
Acquisition When one firm purchases another 
Ad Valorem Tariffs Import tax based on a fixed percentage of the assessed commercial value of imported g...
![Edexcel A Level Economics all Diagrams](/docpics/3444421/6504b2e46d792_3444421_121_171.jpeg)
-
Edexcel A Level Economics all Diagrams
- Exam (elaborations) • 11 pages • 2023
-
- £11.37
- + learn more
Production Possibility Frontier 
 
 
Supply and demand diagram showing equilibrium 
 
 
Supply and demand surplus 
 
 
Increase in demand 
 
 
Decrease in demand 
 
 
Increase in supply 
 
 
Decrease in supply 
 
 
Consumer surplus 
 
 
Producer surplus 
 
 
Inelastic demand 
 
 
Elastic demand 
 
 
Unitary elastic demand 
 
 
Perfectly elastic demand 
 
 
Perfectly inelastic demand 
 
 
Inelastic supply 
 
 
Elastic supply 
 
 
Substitutes diagram 
 
 
Ad valorem tax 
 
 
Tax diagram 
 
 
Subsi...
![Edexcel A-Level Economics A: Definitions || with A+ Guaranteed Solutions.](/docpics/5479950/6657950744b03_5479950_121_171.jpeg)
-
Edexcel A-Level Economics A: Definitions || with A+ Guaranteed Solutions.
- Exam (elaborations) • 12 pages • 2024
- Available in package deal
-
- £8.93
- + learn more
Absolute advantage correct answers When a country's output of a product per unit of input is greater than that of any other country. 
 
Absolute poverty correct answers When a person does not have the income or wealth to fulfil their basic needs. 
 
Aggregate Demand (AD) correct answers The total demand/spending in an economy at a given price level over a given period of time. Made up of consumption, investment, government spending and net external demand. 
 
Aggregate Supply (AS) correct answe...
![ECS3704 STUDY GUIDE 2022](/docpics/622a593c04204_1613541.jpg)
-
ECS3704 STUDY GUIDE 2022
- Summary • 49 pages • 2022
-
- £2.84
- 1x sold
- + learn more
ECS3704 
STUDY 
GUIDE. In a perfect world - a limited role for government 
(“order functions”). 
 In the real world - a more comprehensive role for 
government. Why? In solving the economic 
problem the market fails in terms of 
 efficiency (Ch 2, 3 & 4) 
 equity (Ch 5) 
 Allocative efficiency (a normative approach) 
 measure is Pareto norm - where it is impossible 
to increase utility/output of one person/sector 
without reducing that of another,ie, utility (of 
consumers) is...
![ECON130 Exam Questions Correctly Answered.](/docpics/5564141/66622513380de_5564141_121_171.jpeg)
-
ECON130 Exam Questions Correctly Answered.
- Exam (elaborations) • 28 pages • 2024
- Available in package deal
-
- £8.53
- + learn more
ECON130 Exam Questions Correctly Answered. 
 
 
The economic problem can best be stated as? 
 
a) Given scarce resources, how exactly do societies go about deciding what to produce, how to produce it, and for whom to produce? 
 
b) How can the economy improve technology so as to shift the production possibility frontier up and to the right? 
 
c) Given the fact that the economy is inefficient, how much and what type of government intervention should be used to improve the efficiency of the econo...
![Edexcel A-Level Economics Exam 2024 Questions & Answers 100% Correct!](/docpics/4709588/65ed60d236e33_4709588_121_171.jpeg)
-
Edexcel A-Level Economics Exam 2024 Questions & Answers 100% Correct!
- Exam (elaborations) • 142 pages • 2024
- Available in package deal
-
- £24.78
- + learn more
Absolute advantage - ANSWERSWhen a country's output of a product per unit of input is greater than that of any other country. 
 
Absolute poverty - ANSWERSWhen a person does not have the income or wealth to fulfil their basic needs. 
 
Aggregate Demand (AD) - ANSWERSThe total demand/spending in an economy at a given price level over a given period of time. Made up of consumption, investment, government spending and net external demand. 
 
Aggregate Supply (AS) - ANSWERSThe total amount of goods...
![AQA Economics Definitions Exam Review With Solved Solutions 2024.](/docpics/5078853/6626db51078be_5078853_121_171.jpeg)
-
AQA Economics Definitions Exam Review With Solved Solutions 2024.
- Exam (elaborations) • 16 pages • 2024
- Available in package deal
-
- £6.49
- + learn more
Accelerator Effect - Answer The relation between the change in new investment and the rate of change of national income. 
 
Actual Supply - Answer The amount that producers in fact produce. This may differ from planned supply for a variety of reasons such as breakdowns in production, staff absences, etc. 
 
Aggregate Demand - Answer Total planned expenditure in the economy. Known by the identity C + I + G + (X - M) 
 
Aggregate Supply - Answer The total value of goods and services suppli...
![Verkoop je kennis op stuvia](https://www.stuvia.com/hosted-imgs/app/stock-fotos/banner_seller_big.jpg)
That summary you just bought made someone very happy. Also get paid weekly? Sell your revision notes on Stuvia! Discover all about earning on Stuvia