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Optimum combination of resources
The firm can maximise output given costs. That is when the entrepreneur attains the highest isoquant given a particular Isocost.
At the point of tangency the absolute slope of Isoquant will be equal to the slope of the Isocost. Two conditions should however prevail, namely:
i. The necessary condition is that
w/r = MPL/MPk or MPL/PL = MPk/Pk
ii. The sufficient condition is that the Isoquant must be convex to the Isocost point of Tangency.
The city of Cabernet is very popular for its production of wine. The inhabitants of the city have an aggregate demand for wine that can be described as follows: where Q d
The use of arc elasticity in economic analysis involves a good deal of chariness since it is capable of being misinterpreted. Arc elasticity coefficients vary between the same two
Planned Economy Is a system where all major economic decisions are made by a government ministry or planning organisation. Here all questions about the allocation of resources
Q. Explain about Smooth Convex Isoquant? Smooth Convex Isoquant: This kind of isoquant presumes continuous substitutability of capital and labour over a certain range, beyond
Peanut butter monopolist Calvé supplies peanut butter to Albert Heijn in an isolated village. The supermarket is a monopolist in the village. Demand for peanut butter is given by:
Explain the limitations of managerial economics
Q. Show the method of production? A process or method of production is a combination of inputs essential for the production of output. A method of production is technically eff
assignment
THE IMPACT OF INFLATION Inflation has different effects on different economic activities on both micro and macro levels. Some of these problems are considered below: i.
Gold Although currently no country uses gold as its national currency, gold has a long history of use as commodity money and has almost universal acceptability. Gold is still
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