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Difficulties in Measuring Cost
1) Output data may represent an aggregate of different type of products.
2) Cost data may not include opportunity cost.
3) Allocating cost to a particular product may be difficult when there is more than one product line.
* Cost Functions and the Measurement of Scale Economies
- Scale Economy Index (SCI)
what to produce? how to produce? for whom to produce
why is the concept of elasticity crucial to the study of economics?
The price of petrol fell during the past year. a. Explain why the law of demand applies to petrol just as it does to all other goods and services. b. Explain how the substitu
description of slutskian approach
what is the reason behind studing this topic ?
The global financial crisis, brewing for a while, really started to show its effects in the middle of 2007 and into 2008. It originated from countries with highly sophisticated fin
The Demand Curve - The demand curve exhibits how much of a good consumers are ready to buy as the price per unit changes keeping non-price factors constant. - This price-qua
Problem: (a) Why is an error term added to a regression and explain its importance in the OLS procedure? (b) Suppose we have a linear equation with a constant term, one expl
Define law of demand. Answer: Quantity demanded increases as price falls, other things constant. In other words, "Other things remaining the same, when the price of a good r
What are the economies and diseconomics of scale?
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