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law of diminishing marginal returns does not hold then output of the world can be produced in a flower pot. Explain?
The Market for Pool Rafts The market for pool rafts in Playa del Largarto is competitive and includes no transaction costs. Five suppliers are willing to sell pool rafts in P
meaning of opportunity cost
What are the possible advantages of free trade? Firms a) Specialisation and enhanced use of comparative advantage b) Possibility of advantages of scale c) Spread
Explain in detail the concept of PPC with suitable eg.
Why does a monopoly have no supply curve? A supply curve is a curve that shows the quantity supplied at dissimilar prices, as a monopoly sets the price and the quantity togeth
1. Suppose that Mr. John has the following Cobb-Douglas utility function U = 6X^2/3y^1/3 the market price of X and Y commodity are $1 and $2, respe
what are the main properties and assumptions of indifference curve
ppc shows microeconomics
Type of total outlay
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