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Questions
(i) You are an industry analyst. Last year, the production cost of Microprocessor increased remarkably due to labor unionization. Nevertheless, the industry experienced a sharp increase in total revenue. How do you explain this? The demand did not change. You must use a diagram to answer this question.
(ii) 5% decrease in price caused only 1% increase in total revenue. Is demand elastic, inelastic, or unit elastic? Explain.
(iii) Suppose one and only one worker is always required to operate one machine, and together they produce 100 units of output. Let's denote the number of worker by L and the number of Machine by K. What is the production function at this firm?
Consider a person''s decision problem in trying to decide how many children to have. Although she cares about children and would like to have as many as possible, she knows that ch
Define law of demand. Answer: Quantity demanded increases as price falls, other things constant. In other words, "Other things remaining the same, when the price of a good r
discus how opportunity cost influence supplier''s decision to supply labour
what is consumer''s choice involving risk.preference toward risk.
What do you mean by the utility function? The Utility Function: Sometimes this is easier to work directly along with the preference relation and its connected sets. Althou
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Q. What is Formal Economy? Formal Economy:Sector of the economy that produces services and goods in return for monetary payment, and is fully integrated into the formal structu
Perfect Competition It's a market where conditions prevail like that buyers and suppliers are without the ability to manipulate price in any significant way such that the marke
Product Markets: Markets where produced services and goods are bought and sold (distinguished from markets for factors of production). Production: Process by which human labour
Estimating Labour Productivity by Economic Sector for Target Year and its Change between Base and Target Year Contribution of each sector to GDP is known. The contribution of
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