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if nominal GDP in 2002 exceeds nominal GDP in 2001, did real output rise?
Why elasticity is important for economic analysis? Elasticity is a significant concept in understanding the incidence of indirect taxation, marginal concepts as they relate to
optimal contracts under symmetric information
The Market Mechanism Features of the equilibrium or market clearing price: – QD = QS – No shortage or scarcity – No extra supply price. – No pressure on th
Long-Run Versus Short-Run Cost Curves What happens to average costs when both the inputs are variable versus only having one input that is variable (short run)? The Inflexi
Q. Explain Fixed Capital and Flat-Rate Tax? Fixed Capital: Realcapital which is installed permanently in a specific location, including infrastructure, buildings and major eq
Ask qu a.Fill in the column of marginal products. What pattern do you see? How might you explain it? b. A worker costs $30 per day and the ''Firm has fixed costs of $10. Use this
Disadvantages of division of labour: Division of labour may also have disadvantages that may include the following: (i) Lack of Craftsmanship Division of labour does not m
what is the langrangian function
The compact disk player has literally revolutionized the recording industry with its state-of-the-artclarity, sound, durability, and the fact that it costs less than cassette tape
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