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This Theory has been discussed in Public Finance under Dalton's principle of 'Maximum Social Advantage'. Optimum allocation of resources is that point where maximum marginal sacrifice of people is equal to maximum marginal benefits.
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How is a corrective tax different then other taxes?
Corrective taxes bring the allocation of resources closer to the social optimum and thus improve economic efficiency.
Why did Leonid Vitaliyevich Kantorovich win The Prize in Economic Sciences in 1975?
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1975 was awarded jointly to Leonid Vitaliyevich Kantorovich and Tjalling C. Koopmans for their contributions to the theory of optimum allocation of resources
Why did Tjalling C. Koopmans win The Prize in Economic Sciences in 1975?
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1975 was awarded jointly to Leonid Vitaliyevich Kantorovich and Tjalling C. Koopmans for their contributions to the theory of optimum allocation of resources
What is the study of the allocation of resources?
ECONOMICS is the study of the allocation of SCARCE resources.
How can optimum allocation can solve the problems of scarcity?
um, scarcity isn't the problem, scarcity is the term used to define the finite nature of resources and the limitless wants of humans.
Who has given optimum theory of population?
Dr.Cannan given optimum theory of population
Which economic theory states that the basic problems of scarcity and allocation of limited resources are solved by production for use or need rather than production for profit?
For A+ : Socialism
Economics is about the allocation of resources for the production and distribution of goods?
Economics is about the allocation of resources for the production and distribution of goods and ___________.
Is economics all about money?
No, it is mainly about the allocation of scarce resources. There are many different branches of this such as finance, development and game theory, but they are all stemmed from the main economic problem of scarce resources.
What is an optimum resource allocation?
Optimum allocation is when productive and allocative efficiency co-exist. Productive efficiency is achieved when when products are made with the least possible use of the resources, i.e, by incurring lowest possible costs in producing them Allocative efficiency is achieved when the combination of products produced provide consumers the greatest possible satisfaction, i.e, goods which are most wanted are produced When both these elements are present, there is also economics efficiency. This means that resources are used in the best way possible, i.e, producing the goods which are most wanted with the least possible use of resources
How does market and government differ in allocation of resources?
the difference in market and government occurs in the allocation of resources and labor division which determines the prices
Why is human resources important to the development of industry?
How the opportunity cost can be applied to the production process for the allocation of resources. How the opportunity cost can be applied to the production process for the allocation of resources.
