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Rationale for government intervention There are six major functions the government can perform in an economy. 1. The government provides a legal and social framework within which
How do you calculate marginal revenue, and monopolistic profit?
A film studio in Hollywood produces movies according to the function q = F(K;L) = (2=100)K^0.5L^0.5 In the short run, capital (studios, gear) is xed at a level of 100. It costs $
1. What are externalities? Give an example of positive and negative externality and explain why the market outcomes are inefficient in the presence of externalities? 2. What are
how does the concept of possibility production curve aplicable in real life?
different types of production funtion and curve given by different economist
Managers: Top directors and managers of larger companies who are assigned the task of organizing disciplining workers, initiating production and accounting to shareholders for perf
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Closesubstitute goods: The number of closesubstitute goods The more substitutes of good has and the more close the substitutes are, the more elastic the demand for the good. Fo
Ask question #what is an indifference curveMinimum 100 words accepted#
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