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Explain the difference between a stock and a flow. A stock is something whose quantity is calculated at a point in time, whereas a flow measures the quantity of something ove
SUMMARY OF THEORY OF PRODUCTION
how does the concept of possibility production curve aplicable in real life?
Question: (a) Assume a firm operates in one location but serves on two distinct markets, namely, 1 and 2. The demand functions are: Market 1: P1 = 40 - 0.3 Q1 Market 2:
What is the difference between price value and price level? Price value is the value of commodity bought by the consumer at a certain price from the market, while, price level
#questDuring the 1990s, technological advance reduced the cost of computer chips. Explain, with the use of supply and demand diagrams, how the following markets are affected in ter
analyse the rise and fall in the price under market equillibrium situation?
A firm is currently operating where the MC of the last unit produced = $84, and the MR of this unit = $70. What would you advise this firm to do?
PARAMETERS FOR ASSESSING ECONOMIC REFORMS: Let it be clearly understood that liberalisation, privatisation and globalisation are means with the help of which the growth proces
Explain consumer sovereignty and why it might not be that extensive in real life. Explanation of consumer sovereignty Use of S/D model to show how changes in consumption pat
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