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Explain how diminishing returns differ from diminishing returns to scale.
The answer should clearly distinguish among SR (one or more factors are fixed) and LR (where all factors are variable).
Diminishing returns (marginal returns) arise in the SR and diminishing returns to scale in the LR caused by for instance efficiency lags in ever-larger firms.
Supply and demand for a given type of MP3 player are given by the following equations: P=980-1.5Qd P=20+0.9Qs
The demand curve for gasoline is P = 200 - 10Q. a. Find the elasticity of demand for a quantity of 8. Does this number imply that quantity demanded is sensitive to price change
equilibrium price and output.
Q. What do you meant by Relative Poverty? Relative Poverty: A measure of poverty based on an individual or family's relative income compared to overall average level of income
What is the arc cross elasticity of demand between Stop decay''s toothbrush and Decay fighter''s toothbrush? What does this indicate about the relationship between the two products
edge worthmodel
demand for risky assets
National income accounting: Final Goods: Final goods are goods and services which are being purchased for final use and not for resale or further processing or manufacturing
about pay back method
What are the costs and difficulties of such an operation? The direct costs are administrative, cooperative and storage costs, whereas the societal costs include misallocation,
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