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In the big push, let the new technology be given by Q=L/c-F/c where c=0.5. Suppose with the new technology the modern firm can produce the same output as the traditional firm with 9 workers. Let the total amount of labor be 1000 and the total number of firms be 100. Find the minimum number of units of labor needed for the modern firm to access the technology.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..
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