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Long Run Average Cost (or LAC) -Constant Returns to Scale If the input is doubled, the output will double and average cost is constant at all the levels of output.
The question states that a hotel charges $60 a night for a room per night during off peak. This hotel has a fixed cost of $75 per night and variable costs of $40 per night (only ap
Hi, I am taking an economics course. I have a problem where I am given 2 types of units with the same production rate and the labor used to produce those units. I am supposed to c
Deviation in graph
Equilibrium Exchange Rate: The theory of exchange rate determination explains how demand and supply of foreignexchange interact and jointly determine the equilibrium exchange
Should the bank not have anyone to lend the demand deposit to (like that will ever happen) would the size of the money multiplier decrease? If so, why?
Uses and Habit Forming Commodity -price elasticity of demand: The number of possible uses : A commodity has high price elasticity of demand (or elastic demand) if it can be p
f(x1 x2,x3,x4) =min(x1/4x22/3,x3+2x4)
Profit: This is surplus left over after a company sells its output and pays off cost of production (which includes raw materials, labour costs and a proportional share of its capit
Labor Productivity - Labor Productivity and Standard of Living - Consumption can increase if productivity increases. - Determinants of Productivity Stock of capit
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