(a) Explain how allocative efficiency is related to the concepts of consumer surplus and producer surplus. Consumer surplus is defined as the highest price consumers are willing to pay for a good minus the price actually paid. As shown in the diagram‚ P1 is the highest price consumers are willing to pay for a good. Pe is the equilibrium price determined by the market. Any consumers are willing to pay price higher than Pe will end up paying Pe. This means they pay less than they expect‚ therefore
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Project Report "Transport System in India" TRANSPORT SYSTEM TRANSPORT: Transport is a system in which passengers & goods are carried from one place to another. Modes of Transport: Transportation is generally divided into three modes-LAND‚ WATER & AIR. The Land Transport consists of roads and railways. Water Transport is also divided into two types: (a) RIVER OR INLAND TRANSPORT (b) SEA OR OCEANIC TRANSPORT. The latest and the fastest mode of transport is Air Transport. IMPORTANCE
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SUMMARY: DISADVANTAGES While several states are implementing some form of standards-based reform‚ there is very little empirical evidence to prove that standards‚ assessment‚ and high-stakes accountability programs are effective in improving public schools. In many states‚ such as California‚ attempts to implement standards-based reform are inconsistently or carelessly aligned with quality research. The following are some of the shortcomings of standards-based reform. 1. Recent reports on the
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Sake of a Symbol “Symbolism is no mere idle fancy or corrupt degeneration: it is inherent in the very texture of human life.” - Alfred North Whitehead. To symbolize is to represent much like the Cowboy Ethics principle ‘Ride for the Brand’. A brand is a symbol used to mark an object in order to claim it as owned property by the entity the brand is specified to. The knowledge of symbolism has been my north star for what has seemed an infinite amount of time. To me representation and responsibility
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Logistics and transport Management 3 2.1 Impacts of environment on logistics and transport systems 3 2.2. Environmental impact of products and packages 4 2.3 Environmental Regulations 4 2.3.1 Control through information 5 2.3.2 Control through financial measures 5 2.3.3 Control through legal measures 5 2.4. Transport 5 2.5. Packages 6 2.6. Material supply system 6 2.7. Production System 6 2.8. Distribution System 6 3. Ethical issues in Logistics and Transport Management
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In 2008‚ the world experienced one of the greatest numbers of deaths from natural disasters. Some of the contributing factors included extreme weather brought about by climate change‚ as well as urbanization in vulnerable areas. The urbanisation phenomenon is a feature that is being shared by all cultures across all continents on the globe‚ it not so much a result of higher birth rates in urban areas as it is of the continuous migration of people across regions as they are lured into urban areas
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Pareto efficiency‚ or Pareto optimality‚ is a central theory in economics with broad applications in game theory‚ engineering and the social sciences. Given a set of alternative allocations and a set of individuals‚ a movement from one alternative allocation to another that can make at least one individual better off‚ without making any other individual worse off is called a Pareto improvement or Pareto optimization. An allocation of resources is Pareto efficient or Pareto optimal when no further
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stay their age with the help of the media‚ the opening of children-friendly theme parks and in the case of Singapore‚ the removal of examinations for Primary Ones and Twos. Thus all is not lost and therefore I do not agree that the children these days are growing up too quickly for their own sake. Stress is a contributing factor which helps speed up a child’s growing years. Previously‚ stress was not a word to be termed or used with children. Instead stress was what the adult-world was about. However
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The current generation of young people is less politically active. Do you agree? The current economic crisis in most of the western world‚ coupled with the alarmist views of global warming and its doomed consequences‚ has put forward‚ once more‚ the question as to whether or not the current generation is less politically active than previous generations. The current generation of young people is less politically active if is compared to previous generations; however this is beginning to change
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How far do you agree that the condition of the peasants was the cause of the 1905 revolution? By Samantha Whiting Introduction The Russian revolution was sparked of by a number of factors social‚ economical‚ political. I believe some of these factors were the root cause and some were contributors I believe they all contributed in their own ways and some contributed more than others and leading to a potential revolution in Russia. Russia had a weak economy‚ the primary sources of income for the
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