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concept of supply and the factors that affect the supply
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Explain what economies of scale are and why they have become increasingly common in later years. Economies of scale - Enhance in fixed factors, but output enhances at a propo
Define International Quota Agreements, • International Quota Agreements seek to prevent fall in commodity prices by regulating their supply. Under the quota agreement export quot
Q. Explain about Gross Domestic Product? Gross Domestic Product:Value of all the services and goods produced for money in an economy, evaluated at their market prices. Excludes
Marginal rate of technical substitution in the theory of production is similar to the concept of marginal rate of substituent to in the indifference curve analysis of consumer dema
would a rational producer be concerned with the average or marginal product of an input in deciding whether or not to hire the inputs?
A firm has two plants. One plant produces according to a cost function cl (91) = Yf. The other plant produces according to a cost function c2(y2) = Yg. The factor prices are fixed
what does it mean by a normal good ?
Corporatism: A system for managing income distribution andwage determination, in that wage levels are determined centrally (across industries or even whole countries) on the founda
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