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Explain the term production function in the economics.
Production Function
A production function is the association between the quantity of inputs a firm utilizes and the quantity of output this produces.
A fixed input is an input that quantity is fixed and can’t be varied.
A variable input is an input that quantity the firm can change.
Differentiate between Actual and Potential output. Actual output is that level which economy in fact produces. In contrast, potential output is the aggregate capacity output o
Suppose there is a simultaneous increase in the demand for diamonds and increase in the supply of diamonds. Which of the following will occur as a result of these simultaneous even
c=100+0.8yd
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If you take nations total income and subtract out private consumption government consumption what you will find?
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Explain a circular flow of income in a frugal econmomy with diagram
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This release also states that the Federal Reserve is in the process of purchasing $1.25 trillion of agency mortgage-backed securities and about $175 billion of agency debt. Additio
Application of Theory of Consumer Behavior As already discussed earlier, the theory is an important tool to interpret and analyse demand curves. Apart from its usefulness as a
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