Tutorial 1 answers - ECO320 Tutorial 1 Chapter 2 Questions...

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ECO320 – Tutorial 1 Chapter 2 - Questions 2.2 Define and distinguish between productive efficiency and allocative efficiency
o What is being produced, and to what extent does the rule affect production?
2.11 What are the consequences of a Price Ceiling on the food market?
Tips: Predict some consequences of ceiling – let diagram guide your answer 2.12 What is the effect of a minimum wage set above the equilibrium wage rate? Graph?

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