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Productivity:Generally, productivity measures efficiency or effectiveness of productive effort. Productivity can be measured in several different ways. Physical productivity measures the actual amount of a service or good produced (for example tons of steel, or number of haircuts). Productivity can also be measured in terms of value of output. Most commonly, productivity is measured as the amount of output produced over a certain period of work (for example output per hour); this is considered a measure of labour productivity. Though other approaches are also possible, including measurements of capital productivity (output relative tothe value or physical quantity of invested capital) and ‘total factor productivity' (that is an abstract statistical measurement of the overall effectiveness of production)
If the marginal product of labor is 45 units of output and the marginal products of capital is 56 units of output while the wage rate is $20 per worker and the cost of capital is $
What is the marginal opportunity producing the first unit of paper? The marginal opportunity cost of producing the forth unit of paper?
Define the term “cross elasticity of demand” (2 marks) Price of commodity X (SH) Demand for commodity X (Units) 12 80 16 100 20 120 24 140 28 160 d) The following data relate to a
what is microeconomics in business decision
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Double Jeopardy A condition where an entrepreneur's main source of income and net worth depend on the entrepreneur's organization.
Five identical people live in a small town and can earn a living either by having cattle $100 or by becoming a singer. If one person competes their expected payment is 210, if two
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Economic appraisal - Appraisal , which seeks to quantify, and where possible calculate the welfare impacts from, the costs and benefits of a project or policy.
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