Examlex
One of the most efficient engines built so far has the following characteristics: The combustion chamber temperature is , the exhaust temperature cal of fuel produces of work in one hour. ( )
(a) What is the actual efficiency of this engine?
(b) What is the power output of this engine?
(c) What would be the maximum possible efficiency for an engine using the same temperature extremes?
Substitution Effect
The adjustment in consumer behavior because of shifts in the prices of goods relative to each other, causing consumers to choose different goods over previously preferred ones.
Normal Good
A good whose demand increases as consumer income increases, demonstrating how economic well-being influences consumer choices.
Child Tax Credit
A tax benefit offered to families with children, providing a reduction in their tax liability per child.
Labor Supplied
Refers to the total hours of work that workers are willing and able to provide at a given wage rate over a certain period.
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