Because of the law of supply and demand. If the economy needs more things to be produced and you can't produce them, then that's bad for the economy, and if you're producing way more than what can be sold then that's bad for the economy too. Being efficient is great for the economy and the GDP.
The budget constrain is how much of each good can Joe's buy and it's given by:
Income = P_f * Q_f +P_s * Q_s
P_f = Price_of_Food
Q_f = Quantity_of_Food
P_s = Price_of_Shelter
Q_s = Quantity_of_Shelter
In case a):
300 = 5*Q_f(a) + 100*Q_s
in case b):
300 = 10*Q_f(b) + 100*Q_s
To draw each line, you can make a graphic in which the x axis is Q_s and y axis is Q_f
set Q_f = 0 and solve for Q_s which gives => Q_s = 3 so, in the x axis the line will start in Q_s = 3
the same, and solve for Q_f and it'll give =>
Q_f(a) = 60
Q_f(b) = 30
So, from the start in x axis in Q_s = 3 you draw the line (a) to the y axis Q_f(a) = 60 and you draw the line (b) to the y axis Q_f(b) = 30
To get the oportunity cost you have to divide the cost of what is given up (food) by what is gained (shelter).
Oportunity_Cost_Food(a) = 5/100 = 0.05
Oportunity_Cost_Food(b) = 10/100 = 0.10
As you can see, the oportunity cost of food increase
The majority of nations, including India, do not have special laws safeguarding trade secrets, in contrast to other intellectual property rights like patents, trademarks, and copyrights. To safeguard trade secrets, the parties usually depend on contract law or the theory of misappropriation.
<h3><u>The points explaining TCS Scenario:</u></h3>
- Rapid product development in workplaces and workshops designed in the manner of Silicon Valley helps customers of TCS Digital Reimagination Studio to utilize the advantages of digital technology.
- These workspaces and workshops foster creativity and extremely agile cooperation.
- The fundamental elements of IP governance must be understood and used by TCS workers. Your access must be immediately terminated.
- This protection is only available through patents and utility models. Another party who rightfully created the necessary knowledge, such as B. Independently created inventions, may patent a trade secret. Once the secret is revealed, anybody can utilize it anyway they choose.
- Trade secrets are proprietary knowledge that has intellectual property (IP) rights that may be sold or licensed.
- Generally speaking, for something to be deemed a trade secret, it must: be financially valuable due to its secrecy; be known exclusively by a small group of individuals.
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British explicitly inhibited the development the coal industry.
England sparked the industrial revolution which changed the way things are made such as machinery(Engines) which was powered by coal.
The chip manufacturer can maximize the monthly profit by using the objective function: z = 6X₁ + 7X₂ + 10 X₃
An objective function is a function that has the goal of maximizing or minimizing the model's value based on the relationship between the variables in the function.
The term "decision variables" refers to a group of variables that are responsible for regulating the objective function.
The decision variable for the quantity of the product 1, 2, 3 manufactured can be expressed as:
The objective function used in maximizing the profit is:
This is subjected to the constraint:
- 2X₁ + 3X₃ ≤ 120 (Tech A time and manufacturing limitation)
- 2.5X₁ + 3X₂ ≤ 120 (Tech B time and manufacturing limitation)
- 4X₂ ≤ 120 (Tech C time and manufacturing limitation)
- 3.5X₂ ≤ 120 (Tech D time and manufacturing limitation)
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