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Average Product (AP) of a Factor:
The productivity of a factor is often seen in terms of its average contribution. Although not very important in the theoretical discussions, where analytical insight is tried to be drawn from marginal productivities, average productivity finds a platform in empirical evaluations. Deriving it from the total product is relatively easy. It is the output per unit of a factor.
what is Scitovsky Contour ?
Estimating the Educational Structure of the Labour Force in the Economy for the Target Year The educational levels of persons within each occupational structure for the base y
Q. Explain Fixed Capital and Flat-Rate Tax? Fixed Capital: Realcapital which is installed permanently in a specific location, including infrastructure, buildings and major eq
explain diagrammatically the bains model of limit pricing.
Direction of Trade: It is indicative of the structure and level of economic development. As a country develops and its trade gets diversified, it has to seek new outlets for i
the fours laws of chemical combination
Perceived Value Pricing This refers to a pricing strategy that dictates that the price of a given item will be set based on the customer's perception of the value of that item
different types of production funtion and curve given by different economist
The marginal rate of substitution (MRS) quantifies the quantity of one good a consumer will sacrifice to get more of the other good. – It is calculated by the slope of the indif
what is Microeconomics?
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