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Differentiate between firm and industry.
A firm is a business unit produced for the purpose of carrying out some kind of trading activity. The term "firm" is used in many ways, but the correct meaning is a business carried on under a trading style by partners. Many people use the term "firm" to embrace any business, i.e., Private Limited and Public Limited companies but this is technically incorrect. An industry is usually any grouping of businesses that share a common method of generating profits, such as the "movie industry", the "automobile industry", or the "cattle industry". It is also used specifically to refer to an area of economic production focused on manufacturing which includes large amounts of upfront capital investment before any profit can be realized, also known as "heavy industry."
Foreign investment: To attract foreign investment – Developing Plans are used as a means of attracting foreign investment or foreign aid.Foreign government and international o
Suppose taht two people, Michell andJames each live alone in an isolated region. They each have the same resources available, and they grow potatoes and raise chickens. If Michelle
how does the charging the monoply a specific tax per unit affect the monopoly optmum and 5the welfare of consumer
"If for a certain market, the concentration ratio CR4 (the combined market share of the 4 largest firms) is 1, its Herfindahl index is at least 0.25." Describe the given statement.
Types of production function
Dependence on agricultural production: Dependence on agricultural production and primary product for exports. The external sector comprises Imports and Exports, Ghana shows de
Income and Substitution Effects A fall in price of a good has the two effects: Substitution & Income -Substitution Effect Consumers will tend to buy more of the good
Explain the difference between a change in quantity demanded and a change in demand. Change in quantity demanded" refers to movement with the demand curve. For instance, if th
A film studio in Hollywood produces movies according to the function q = F(K;L) = (2=100)K^0.5L^0.5 In the short run, capital (studios, gear) is xed at a level of 100. It costs $
Change in consumer and producer surplus from price controls * Observations: - The loss is equal to area B + C. - The change in surplus = (A - B) + (-A - C) = -B - C -
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