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Before explaining returns to scale it will be instructive to make clear the distinction between change in the scale and changes in factor proportions. The difference between the ch
Allocative efficiency criteria are satisfied by the competitive model. Because P = MC, in each market in the economy there is no over- or under- allocation of resources in this ec
What are the "three basic economic questions" that economists often address when examining how much economic output is formed? The three basic questions are: a) what is prod
What are externalities? Give an example of positive and negative externality and explain why the market outcomes are inefficient in the presence of externalities?
explain what will happen to price , the marginal cost of rice, and the quantity produced if the government sets a production quota of 2000 bags a week. draw a graph and explain you
Continuity and Regularity: We should make it a point that once we have entered the market for a particular commodity and have gained some foothold in it, we must strive to ma
IN THE LABORATORY OXYGEN IS PRODUCED BY HEATING POTASSIUM CHLORATE ACCORDING TO THE EQUATION 2KCLO3-2KCL+3O2. WHEN 298g OF KCLO3 IS HEATED IT GAVE 181.2g OF OXYGEN. GIVEN THAT 32g
1. Definition: AGE-SPECIFIC DEATH RATE is the total number of deaths to residents of a specified age or age group in a specified geographic area (country, state, county, etc.)
Which element of the periodic table has the most characteristics and is used in everyday life?
Explain the term Laissez-Faire The term "laissez-faire" is used to explain an economic system where the government intervene as little as possible and leave the private sector
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