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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.
The price elasticity of demand is how economists calculate the responsiveness of consumers to alters in prices for a commodity. In other words, as price enhances (reduces), the qu
What is meant by non Price Competition? In which market structure does it exist? None price competition is an effort put by the supplier to earn extra profit without enhancing
What is equilibrium point
With current technology, suppose a firm is producing 400 loaves of bread daily. Assume that the least cost combination of resources in producing those loaves is $180 ( 5 units of
Natural Factors: Seasonal variations may affect the demand for a commodity at certain times of the year. For example, during the raining season, demand for commodities such as j
problems in traditional economic
Mixed Economic System and how can this system solve the economic problem, with example?
explain main features of short run engineering cost theory
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