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Labour Supply:Total number of workers available and willing to work in a paid position; generally measured by the labour force(even though the labour force usually excludes many wo
Uses of population census: It is used to determine the size and the growth rate of the population at a country. The helps the government in planning for education, transporta
When is the economic theory useless? One misunderstanding is to under-estimate the role of an economic theory. Several people thought an economic theory useless since they thin
Suppose that a firm’s production function is given by Q=30L-3L2, where L is labor input and Q is the output. a) Derive and draw the firm’s demand for labor while the firm’s produ
Discount Rate The term discount rate relates to business valuations. It is the rate applied to a future torrent of making an income or cash flow to measure its represen
What is the difference between GDP and GNP? Gross domestic product (GDP) is the value of the total final output formed inside a country, during a given year. GDP, like all mea
Explain the axioms of completeness, transitivity and non-satiation using appropriate examples.
give me three exceptional supply curves
would a rational producer be concerned with the average or marginal product of an input in deciding whether or not to hire the inputs?
short run equilibbrium
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