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how do I explain the hicksian and slutsky theory of consumer behaviour in an examination
marginal utility is applied on money or not
Factors of Production : The factors of production are the resources that are essential for production. They are usually separated into 4 dissimilar groups: Land - all natu
explain 6 factors that determine volume of production
What is the difference between decreasing marginal returns and negative marginal returns?
Production Process: Production is a process that transforms factors of production or inputs into output of goods and services. Production may be classified into extraction, ma
1. Suppose the wage rate is w = 1. An agent is working 6 hours per day and consumes 5 units of goods per day. Suppose that the agent claims to be indifferent between his current
A film studio in Hollywood produces movies according to the function q = F(K;L) = (2=100)K^0.5L^0.5 In the short run, capital (studios, gear) is xed at a level of 100. It costs $
if a monopolist makes economic profits, new firms enter the market and compete with the monopolist in the long run.
law of diminishing marginal utility its assumptions, limitation, and its practical importance
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