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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?
Q=10-2P,PRICE DECREASE FROM RS 3 TO 2
whit is mean super normal profit
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periodic table groups and acid and basic radical
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In a perfectly competitive market the price of the product is?
What are corrective taxes? Why do economists prefer them to regulations as a way to protect the environment from pollution. Discuss
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What is meant by labor force? In economics the labor force is the group of people who have a potential for being employed. Normally, the labor force having of everyone above
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