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Why narrowness of definition of a commodity may influence price elasticity of demand
The Law for Diminishing Marginal Returns - As use of an input increases in equal increments, a point will be approched at which the resulting additions to output decreases
define real and nominal wages
What is black marketing? Black Marketing means hoarding of sure commodity to sell it at higher prices. But it is an illegal activity in the economy and makes artificial shorta
Bilateral and Multilateral Contracts Bilateral contract is defined as to purchase & sell certain quantities of a commodity at the agreed upon prices may be entered into between the
Is it possible for a firm to experience a technological change that would increase the marginal product of labor while leaving the average product of labor unchanged?
compare traditional modern and engineering cost curves
Consider the model of corruption explored by Shleifer and Vishni’s where there is one government-produced good X. There is a demand for that good described by the inverse demand eq
The price at which output is sold in a perfectly competitive market is determined by
AVOGADRO''S HYPOTHESIS In equal volumes of gases including all under similar conditions of temperature & pressure keeps equal number of molecules. Avogadro''s law and Applicatio
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