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A farmer produces maize according to the following production function Q m = AK 1/3 L 2/3 Where Q m is output of maize, A = land, K = capital and L = labour Given that
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scope of microeconomics
Difference between accounting profit and economic profit: The difference between accounting profit and economic profit is that economists include in total cost of production b
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Distinguish demand pull, cost push and imported inflation using graphs where appropriate. What are the likely causes of current inflation in Australia? Answer Co
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why slopes of is and lm curves affect effectivness of fiscal and mnetary policy?
Use of ppc in microeconomics
Marginal revenue: Marginal revenue is the change in total revenue with respect to a change in quantity sold. That is, it is the change in total revenue that results from the s
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