Examlex
Use properties of logarithms to expand the logarithmic expression as much as possible. Where possible, evaluate
logarithmic expressions without using a calculator.
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Contract Curve
In economics, it represents the locus of points indicating the optimal distribution of resources between parties in an Edgeworth box diagram.
Indifference Curve
A graph showing combinations of two goods that give a consumer equal satisfaction and utility.
Efficient Allocation
The optimal distribution of resources and goods to maximize the net benefit or welfare within an economy.
Allocation Efficient
A distribution of resources in which it is impossible to make any one individual better off without making at least one individual worse off.
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