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Difficulties in Measuring Cost
1) Output data may represent an aggregate of different type of products.
2) Cost data may not include opportunity cost.
3) Allocating cost to a particular product may be difficult when there is more than one product line.
* Cost Functions and the Measurement of Scale Economies
- Scale Economy Index (SCI)
Circular Flow of Income: The diagram shows Real Flow (goods and services) and Monetary Flow (Income and expenditure). The bottom pair of arrows depicts the goods market.
How does production possibility curve help solve central problems?
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ahmed has 500 dolars.asma has 700 dolars.cismaan has 800 dolar
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