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1) Define Elasticity. If you have a product where elasticity is less than one, what does that mean? Is it good, bad for the firm?
2) Why will firms not shut down as soon as the price of their product drops below the Marginal cost? At what point will most firms go out of business (shut-down) and why?
standard hours = 5000 standard wages = Rs.3/hr actual hours worked = 5600 hrs actual wages paid = 17920
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What is the easiest of calculate equivalents before producing a process account 2
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