This topic contains a solution. Click here to go to the answer

Author Question: Define the process of queuing. What will be an ideal response?[br][br][b][color=#A83E49]Question ... (Read 102 times)

clmills979

  • Hero Member
  • *****
  • Posts: 551
Define the process of queuing.
 
  What will be an ideal response?

Question 2

Define the utility possibilities frontier. Explain what it means when society is inside the utility possibilities frontier. Explain what it means when society is on the utility possibilities frontier.
 
  Explain what determines the point that society arrives at on the utility possibilities frontier.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Laurenleakan

  • Sr. Member
  • ****
  • Posts: 309
Answer to Question 1

Queuing is the process of waiting in line as a means of distributing goods and services: a non-price rationing mechanism.

Answer to Question 2

The utility possibilities frontier is a graphical representation of a two-person world that shows all points at which A's utility can be increased only if B's utility is decreased. A point inside the utility possibilities frontier is inefficient, because at that point it would be possible to make both people better off. A point on the utility possibilities frontier is efficient. The point on the utility possibilities frontier that society arrives at is determined by the individuals' initial endowments of wealth and skills.




clmills979

  • Member
  • Posts: 551
Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)


31809pancho

  • Member
  • Posts: 317
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

 

Did you know?

On average, the stomach produces 2 L of hydrochloric acid per day.

Did you know?

The liver is the only organ that has the ability to regenerate itself after certain types of damage. As much as 25% of the liver can be removed, and it will still regenerate back to its original shape and size. However, the liver cannot regenerate after severe damage caused by alcohol.

Did you know?

Persons who overdose with cardiac glycosides have a better chance of overall survival if they can survive the first 24 hours after the overdose.

Did you know?

Before a vaccine is licensed in the USA, the Food and Drug Administration (FDA) reviews it for safety and effectiveness. The CDC then reviews all studies again, as well as the American Academy of Pediatrics and the American Academy of Family Physicians. Every lot of vaccine is tested before administration to the public, and the FDA regularly inspects vaccine manufacturers' facilities.

Did you know?

Pubic lice (crabs) are usually spread through sexual contact. You cannot catch them by using a public toilet.

For a complete list of videos, visit our video library