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Explicit cost: Explicit costs are payments made by the firm when it purchases or hires factors of production for the production of goods and services. They are also referred t
1. Isoquants are negatively sloped because if the quantity of factor 1 used in production is decreased then the quantity of the other factor must be increased to produce the s
Explanation of the Break in Trend: An economy can grow in three different ways or all three ways may work simultaneously: 1) Horizontally, i.e., it may go on producing m
indiffference curve
explain the relationship between ATC,AVC and MC by using diagram
Monopoly: Monopoly is a market structure in which there is a single firm producing a commodity or providing a service that has no close substitutes. As the sole supplier to it
#question.PROPERTIES OF INDIFFERENCE CURVES WITH TABLE AND DIAGRAM.
GOOD GOVERNANCE TO ENSURE IMPLEMENTATION OF ECONOMIC POLICY: Government is very sensitive to the expectation of the people and sincere efforts in this direction have already
Explain the difference between elastic and fixed supply
Summary of Educational Planning and Economic Growth An economy with scarce resources and enormous needs and aspirations requires planning. This is true of the education sector
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