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Average product of a factor is the total output produced per unit of the factor employed thus,Average product = total product / number of units of factor employedIf Q stands for total product L for the number of a variable factor employed then a average product (AP) is given by:Ap Q/LWe can measures the average product from the total product data given in table 16.1 thus when two units of labour are employed the average product is Q/K = 170 / 2 = 85 similarly when three units of labour are employed average product is 270/3 = 90 so on.
using the basic Keynesian model answewr the following parts carefully using the relevant diagrams. what happens to the equilibrium level of GDP(Y) given the following: a) a reducti
1. What is simultaneous biases? Discuss the cause of ednoginity in regression analysis. 2. Explains concisely what is meant by ' the identification problem'' in the context of l
Consider a market that is served by a single-price monopolist with marginal cost given by MC = $100 + Q. The market demand is given by P = $800 – 3Q. Determine the following: the f
differance between capitalism and socialism
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Review the following information pertaining to the potato chip industry and answer the questions below in a five to six double spaced page paper (not including title and reference
How base case NPV analysis is applied in financial risk management
Money: Broadly speaking, money is anything which can be used as a means of payment (for instance, to settle a debt). It includes bank deposits, actual currency, credit cards and li
1- Suppose the economy is currently in recession, and the exchange rate if fixed using the IS-LM model. a) explain and illustrate the economy adjustment ( in the medium run)
what is exceptional demand
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