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WTO Agreements: The WTO administers 29 agreements; these cover different areas like trade in goods and services, investment measures, intellectual property rights, etc. Some o
Graphical Representation of Various Returns: Diminishing Returns: If the TP curve is as shown in the adjacent Figure, then the MPL given by tanθ is throughout less than the A
What are the possibilities of returns to scale in production technology? Three possibilities are there as: technology exhibits (a) constant returns to scale; (b) decreasing ret
The Long-Run Behavior of Natural Resource Prices Observations – Exhaustion of copper has increased by a hundred fold from 1880 through 1998 signifying a large increase in
risk describe,prefrence towards risk,the demand for risky assets.consumer behaviour under asymmetricinformation
Sources of Economic growth: Human resources: Investment in human capital is considered as an important factor for economic growth. This is done by increasing the quality of
The prevention of major swings in economic activity can be handled most easily by the
Division of Labor The occupation or breaking down of jobs into simple and repetitive responsibilities.
Explicit cost: Explicit costs are payments made by the firm when it purchases or hires factors of production for the production of goods and services. They are also referred t
illustration for demand of big macs using indifference curve and budget line
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