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Player 2 C B A 1,2 3,2 B 2,3 a, b Player 1
Physical Capital: A tangible tool, machine, building or other productive asset that is used to produce other goods or services. Pollution: Many economic activities involve disch
managerial problems related to microeconomics
A firm's production function is given by Q = √LK . The price of labour is w and the price of capital is r. a. The price of labour is $5 and the price of capital is $20. What is
What is Cost Push Inflation Cost Push Inflation : When a cost of production (e.g. wages) enhances and firms put up prices to maintain profits. Cost increases may occur beca
Joe Brown’s dairy operates in a perfectly competitive marketplace. Joe’s machinery costs $500 per day and is the only fixed input. His variable costs are comprised of the wages pai
Volume of Trade: It relates to the size of international transactions. Since a large number of commodities enter in international transactions and their aggregate can be found
Balance of payment: It is an account that summarizes a country’s total payments and total receipts from international economic transactions within a specific period usually on
Consider a television manufacturer based in Korea. It produces TVs in Korea at a total cost of Y 2 + 2 Y where Y is the number of televisions they produce in Korea. It can als
Tuan lives in a town with only one movie rental store. Suppose Tuan’s demand for movie rentals per month is Q = 16- 2P . The movie store currently charges $5 per movie, but is thin
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