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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.
Is the terms of trade (TOT) explained as the ratio of the value of exports to the value of imports? How does the TOT relate to the exchange rate? The terms of trade (TOT) is ex
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what is chemical analysis of iron ?
Allocative efficiency criteria are satisfied by the competitive model. Because P = MC, in each market in the economy there is no over- or under- allocation of resources in this ec
Suppose scientists discover that eating soybeans prevents cancer and heart disease
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Please write an essay (2-2.5 pages) based on this paper You">http://www.nobelprize.org/nobel_prizes/economics/laureates/2001/akerlof-lecture.pdf You pick one over 6 macroeconomic
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Suppose that two anti-marijuana proposals are currently being debated in Congress. Proposal I will reduce the supply of marijuana and cause its price to rise by 7%. Proposal II wil
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