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How do you achieve allocative efficiency?
Allocative efficiency is an output level where the price equals the marginal cost of production. This is because the price that consumers are willing to pay is equivalent to the marginal utility that they get. Therefore the optimal distribution is achieved when the marginal utility of the good equals the marginal cost.
What is the equation for marginal net benefits?
Marginal net benefits= Marginal benefit- Marginal cost
Those who advocate the marginal productivity theory of income distribution argue that?
Resource markets will set incomes based on workers' contributions to the output of scarce goods and services
When a firm's marginal revenues are higher than its marginal cost?
Marginal cost is
If you have Marginal Cost and Marginal Damages how do you find the optimal level of output?
The optimal level of output is where marginal costs = marginal damages.
Does determining a conditional distribution for a two-way table consist of calculating percents for either the row or column sums?
Yes. Conditional distribution applies to fractions of rows/columns. Marginal distribution applies to the totals for each row/column
What is the contingency table?
a table in which frequencies correspond to two variables.
Is the beta distribution is a special case of dirichlet distribution?
In a sense.Beta distributions are the marginal distributions of the Dirichlet distribution.
Who propounded marginal productivity theory of distribution?
TAUSSIG
What are the advantages and disadvantages of contingency tables?
What do you mean by multidimensional table? Give examples. Show the nomenclature for three dimensional tables. Describe a three-dimensional contingency table. Describe the procedure for testing the independence of the attributes in a 3-way table.
Is the degree of freedom for 7x5 contingency table 24?
Yes, it is.
What gives the probability of each random variable?
The marginal probability distribution function.
What feature borders the occlusal table of a posterior?
marginal ridges
How do you achieve allocative efficiency?
Allocative efficiency is an output level where the price equals the marginal cost of production. This is because the price that consumers are willing to pay is equivalent to the marginal utility that they get. Therefore the optimal distribution is achieved when the marginal utility of the good equals the marginal cost.
What feature borders the occlusal table of the posterior tooth?
marginal ridges
What features border the occlusal table of a posterior tooth?
marginal ridges
When testing for independence in a contingency table with 3 rows and 4 columns?
6 degrees
