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The very name of this market type suggests that it is a combination of the monopoly and competitive firms. The characteristics of such a market are: 1. There exists large n
If the marginal product of labor is 45 units of output and the marginal products of capital is 56 units of output while the wage rate is $20 per worker and the cost of capital is $
Indifference curve definition
Distinction Between Cost and Expenditure As has already been defined, cost is the money equivalent of material and human resources needed to produce a good or a service. Expen
STRUCTURE OF NATIONAL INCOME: The structure or composition of national income of an economy explains the relative significance of the different producing sectors in an economy
Rule of Thumb Method Sir Ashby had been requested in 1960 by the Government of Nigeria to submit a report on manpower development in Nigeria. In doing so, in the absence of re
why is elasticity important for beachfronf properties
Consider the model of corruption explored by Shleifer and Vishni’s where there is one government-produced good X. There is a demand for that good described by the inverse demand eq
Unions in a Competitive Market: Again, there a group of economists who will rely on the use of the competitive model to demonstrate the evils of unionization. The most regular anal
This firm will maximize profits by producing the level of output that corresponds to point: a. b. c. or d. ?? Refer to Figure for a perfectly competitive firm. Given the
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