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Shephard's lemma is a major result in microeconomics having applications in the theory of the firm and in consumer choice. [1] The lemma states that if indifference curves of the expenditure or cost function are convex, then the cost minimizing point of a given good with price is unique.
Risk is analyzed in many ways, such as technological maturity, manufacturing capacity, quality standards, manufacturing design, material and supply chain capacity, interoperability, operational survival, aggressiveness of the schedule, cost reasonableness, among many others. Each MOE and capability may carry an associated risk.
Proposed CDBG projects must be consistent with broad national priorities for CDBG: activities that benefit low- and moderate-income people, the prevention or elimination of slums or blight, or other community development activities to address an urgent threat to health or safety. CDBG funds may be used for community development activities (such ...
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
Additionally, ratemaking can be designated to serve other social purposes. Although it can be said that all regulation is a combination of politics and economics, ratemaking is frequently more technical. Ratemaking has five functions: [2] Capital attraction; Reasonable energy pricing; Incentive to be efficient; Demand control or consumer ...
Convexity is a geometric property with a variety of applications in economics. [1] Informally, an economic phenomenon is convex when "intermediates (or combinations) are better than extremes". For example, an economic agent with convex preferences prefers combinations of goods over having a lot of any one sort of good; this represents a kind of ...
The theory notes, to consider with accountability for reasonableness is to consider the following four conditions: [4] Relevance : The decision-making criteria and factors considered should be relevant to the goals and values of the affected stakeholders, such as patients, healthcare providers , and the community.
With such a definition it is almost self-evident that this so-called maximum obtains under free competition, because if, after an exchange is effected, it were possible by means of a further series of direct or indirect exchanges to produce an additional satisfaction of needs for the participators, then to that extent such a continued exchange ...