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What is meant by labor force? In economics the labor force is the group of people who have a potential for being employed. Normally, the labor force having of everyone above
SUMMARY OF THEORY OF PRODUCTION
Short run production period and long run production period: The short run is a period of production during which some factors of production are fixed and some too are variable
You are the CFO for Carnival Corportaion and your boss, the CEO informs you that he wants to add three new cruise ships to the company''s inventory. Each ship will cost $500 millio
hoe does the knowledge of price elasticity of demand important to the government
the price of a laptop increases by 20% and there is a 40% drop in the quantity demanded
Why total product continues to increase despite a decrease in the marginal product?
What is "high-powered money"? The "high-powered money" is the similar as monetary base, which is defined, at the minimum, as the sum of the currency in circulation (banknotes
Building up a Stable and Viable Export Production Base: It is necessary to make a deliberate production plan and to earmark a part of production for export even if there is a
Problem 1 : (a) What are the main assumptions behind the macroeconomic theory of New Classical Economists? (b) Describe the Lucas Supply function and explain its policy imp
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