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The Consumption Function
The consumption function is the relationship [expressed in mathematical or diagrammatic form] between planned consumption and other independent variables, particularly income.
The consumption function is one of the most important relations in Macro-economics. Consumption is the largest single component of aggregate expenditure and if we are to predict the effects of income and employment of variations in private investment and in government spending, we must know how consumption varies in response to changes in income. Thus it is important to take a closer look at the consumption.
Explain the short-run production function with one variable input with the help of assumed figures. Clearly indicate the three stages of physical product, using table and graphs.
Question: i) If X and Y are different processes producing the same commodity and the joint total cost (TC) is given by: TC = X 2 + 2Y 2 - 3XY Using Lagrange Multiplier,
iwant presentation on united postal services on social cost and benefits
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