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Why is the concept of scarcity relevant to both LDC s and MDC s? All societies throughout time have wrestled with the basic economic conundrum of having needs that cannot be me
compare the concept of MRTS with the MRS and discuss the similarities and difference between them?
(i) When the demand function is 2Q - 24 + 3P = 0, find the marginal revenue when Q=3. (ii) Given the demand function 0.1Q - 10 +0.2P + 0.02P2 =0, calculate the price elasticity of
what is the explanation about supply analysis?How to understand?
The Technology of Production * The Production Process - Combining inputs or the factors of production to attain an output * Categories of Inputs (or the factors of prod
Look at a recent copy of a newspaper . a. What is the top economic news story? With which of the big questions does it deal? (It must deal with at least one of them and might d
what is Law of Demand?
What is production with one variable input
Slope of an Iso-quant: Since along an iso-quant the level of output remains the same, if θL units of θL are substituted for K units of K, the increase in output due to θ L
explain the relationship between ATC,AVC and MC by using diagram
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