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a) The production function of certain firm is given as Q = 40 K 1/2 L 3/4 A unit of capital and labour costs Kshs 44 and Kshs 36 respectively. The firm would like to maxim
The drawbacks of a mixed economy actually depend on how "mixed" it is. For instance, if it is mixed more towards a free-market, there is little regulation (some may see this as a g
factors that affects the volume of production
describe engineering cost theory in detail
Determine the oldest ideas in economics One of the oldest ideas in economics is that increases in technology certainly run into natural resource scarcity and so lead to increas
Problems of population census: High Cost of Census: Censuses are supposed to be conducted at a 10 year interval. The high cost of conducting census has made it impossibl
Choosing Output in Long Run * In long run, a firm can change all its inputs, including size of the plant. * We are taking free entry and free exit. * Accounting
for the total product curve why is it when you reach at maximum adding more input leads to decline in output?
How does planning serve as a solution to economic problems?
if tc is 200 what will be marginal cost?
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