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Labor cannot be divided from the human being who provides it. The result of the inseparability of labor from the people who gives it, is that the wage for the last hour worked mus
two or more variable inputs
definition of abnormal isoquant and normal isoquant
This involves the characteristics of the production human as well as non human using the product concerned. For example it may pertain to the number and characteristics of children
What are the economies and diseconomics of scale?
Attitude towards Risk: Let's assume the following: The utility function • has the single argument "wealth" measured in monetary units, • is strictly increasing, and
Structure of the IMF: The Central office of the IMF is in Washington DC, USA. It has 184 members. It is affiliated to the UNO. The highest authority of the IMF is the Board of
We consider two regions A and B. Each market has the same size (i.e. number of consumers) but differs in the willingness to pay for one unit of the good proposed by the firm. On ma
Question 1: (a) Using examples, explain the difference between time-series, cross-sectional, and panel data. (b) Formulate a simple linear equation, and carefully explain
Location of industry and localization of industry: Location of industry tries to answer the key economic question "where to produce". It involves deciding on the area that an
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