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Average product of a factor is the total output produced per unit of the factor employed thus, Average product = total product / number of units of factor employed If Q stand
This research will follow the methodology of econometrics; Chao, 2005; Castle & Shephard, 2009): 1. Specification of the model using a specific stochastic equation, together wit
In a small rural town, 150 people would like to be employed (this is the supply of labor). In order to make profits, capitalists hire some of these workers to produce grain. Those
3
why slopes of is and lm curves affect effectivness of fiscal and mnetary policy?
solution of central problem of an economy
World Trade Organization: An international economic organization based in Geneva, Switzerland,formed in 1995 which is dedicated to promoting greater trade and investment among its
1. Consider a model economy with a production function Y = K 0.2 (EL) 0.8 , where K is capital stock, L is labor input, and Y is output. The savings rate (s), which is define
schedules for cost
the prevalence of excess capacity is the direct consequence of the existence of monopolistic competition
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