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What is a natural monopoly
Define natural monopoly as a situation where the advantages of scale a fixed costs are so high that it is impossible to fully exploit them. MC and AC should be used to illustrate that a natural monopoly could indeed be better to the competitive market.
a machine cost 18871.00 today. at the end of each year I own the machine & it gives me returns of 4,948.00 after paying repairs and maintenance. After 6 years, I expect to sell it
what is reciprocal demand?
Natural Factors: Seasonal variations may affect the demand for a commodity at certain times of the year. For example, during the raining season, demand for commodities such as j
Expectations played a major role in Keynes' theory of the determination of aggregat output and employment in market economies in the short run. Expectations about future yields on
The End of the Malthusian Age We clearly no longer live in a Malthusian age. For at least 200 years improvements in the efficiency of labor made possible by new technologies a
Define Nash equilibrium
Slope of an Iso-quant: Since along an iso-quant the level of output remains the same, if θL units of θL are substituted for K units of K, the increase in output due to θ L
This is a very common methods of forecasting demand. Under this methods a relationship is established between quantity demanded( dependent variable) and independent variables such
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two or more variable inputs
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