The period of the sine curve is the length of one cycle of the curve. The natural period of the sine curve is 2Ï. So, a coefficient of b=1 is equivalent to a period of 2Ï. To get the period of the sine curve for any coefficient b, just divide 2Ï by the coefficient b to get the new period of the curve.
What is 'Economic Efficiency'. Economic efficiency implies an economic state in which every resource is optimally allocated to serve each individual or entity in the best way while minimizing waste and inefficiency. When an economy is economically efficient, any changes made to assist one entity would harm another.
For Robbins, the insufficiency was solved, and his definition allows us to proclaim, with an easy conscience, education economics, safety and security economics, health economics, war economics, and of course, production, distribution and consumption economics as valid subjects of the economic science.