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What is meant by minimum wage? The minimum wage is the minimum rate a worker can legally be paid (usually per hour) as opposed to wages that are examined by the forces of sup
Q. Explain about Capacity Utilization? Capacity Utilization: A company or economy's capacity represents maximum amount of output it can produce. Rate of capacity utilization, h
what is the significance of the Loucas critique in political economy?
once vaccinated,a person cannot catch a cold or give a cold to someone else. As a result,the marginal social benefit resulting from consumption of the vaccine.
meaning of economics laws
Dependence on agricultural production: Dependence on agricultural production and primary product for exports. The external sector comprises Imports and Exports, Ghana shows de
why constant return to scale is important
Lorie teaches singing.Herr fixed cost are $1000 a month,and it costs her $50 of labor to give one class.the table shows the demand schedule for lorie''s singing lessons. Price
LONG PERIOD ANALYSIS: Long period refers to a time when all the factors are variable. Earlier in the short period analysis, we had considered capital (K) to be fixed factor. H
When should a firm shut down production in the short run?
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