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Question: (a) Using an example, differentiate between private, social and external costs and benefits. (b) With the use of a diagram, describe the difference between profi
distinguish between Isocost and Isocline
explain 6 factors that determine volume of production
Short run equilibrium - Perfect competition: In the short-run, the perfectly competitive firm maximizes its profit by producing output where MC=MR=P. This is shown in the diag
Learning Curve in Practice * Scenario - A new firm enters chemical processing industry. * Do they: 1) Produce a low level output and sell at high price? 2) Produce
Deviation from ideal gas behavior The Van der Waal''s Equation This is observed, deviations from gas laws are high under high pressures & low temperatures. The Van der Waal suggest
I want to know all about equilibruim consumer equilibruim firms equilibruim nd market equilibruim technically also??
haberlers cost theory
The Efficiency of a Competitive Market *? When an competitive markets generate an inefficient allocation of the resources or market failure? 1) Externalities Costs
Inflation Types Inflation is generally classified on the basis of its rate and causes, while rate-based classification of inflation refers to the severity of inflation or how h
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