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how to calculate tc,tvc,tfc,afc and mr
What is indifference curve and its properties?
the existance of a labor marketcharacterised by perfect competition is a fallacy.discuss
Determine the value of the marginal product of labor. Equilibrium in the Labor Market Each firm will hire labor up to the point at that the value of the marginal product of
Use a PPF to explain the trade-offs that all economies face. All countries must construct some sort of system whereby output, allocation and distribution of goods is decided.
Gains from International Trade: It leads to increased total world production of goods and services. International trade based on comparative cost advantage allows countries to
Returns to Scale Measuring relationship between scale (size) of a firm and output 1. Increasing returns to scale: output more than doubles when all the inputs are doubled
What are the three approaches to measuring GDP? The three approaches are: a) The production approach, b) The spending approach and c) The income approach.
2) Proctor & Gamble (P&G)
Question: Product differentiation and entry/exit Two differentiated goods, apples and oranges, are located at the two extremes of a linear product space (a segment of length 1)
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