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firm''s product sells for Rs.200 per unit in a highly competitive market. The firm produces output using capital (which it rents at Rs.7500 per hour) and labor (which is paid a wag
what is diversification
What is Economic Theory? An economic theory that can be considered an axiomatic approach comprise a set of assumptions and circumstances, an analytical framework and explanatio
why the PPC curve slopes downward?
limitation of kaldor hicks in compensation test and welfare criteria
CONSUMER CHOICE INVOLVING RISK: The traditional theory of consumer behaviour does not include an analysis of uncertain situation. Von Neumann and Morgenstern showed that under
Problem 1: i) To what extent can a country actually rely on the principle of Comparative advantage before engaging in international trade? ii) Explain the different types
Explain why each of the following factors may influence the own price elasticity of demand for a commodity. (i) Consumer preferences, that is, whether consumers regard the commod
(a) Give an overview of the Concept of Land Economic (b) Provide a definition of Land/Economics (c) Discuss the origin of Land Economics (d) Modern and Traditional Land Ec
Explain what economies of scale are and why they have become increasingly common in later years. Economies of scale - Enhance in fixed factors, but output enhances at a propo
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