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Problem: i) What do you meant by the term ‘economic efficiency'? ii) By using appropriate examples differentiate between fixed and variable costs. iii) Consider different
In June 2009, Textile co. (a domestically located firm) purchased 1000 yards of cloth from India (a foreign country) for $1000. Textile co. hired Elizabeth and paid her $5000 to s
The reason that an entrepreneur supposes the risk of starting a business is to earn profits. The fundamental assumption in the theory of production is that a rational owner of a b
Economic Rent - Economic rent is difference between what firms are willing to pay for the input less the minimum amount required to obtain it. * An Example - There are tw
Measures used to restrict International Trade: These are taxes imposed on traded commodities as they cross national boarders. These are two main types of tariffs. An import ta
Explain Monetarist and Monetary policy Monetarist: A group of economists who believe that alters in the money supply are the most effective instrument of government economi
why value of marginal product is negatively sloped
Program Spending: Government spending that is undertaken to provide useful public programs. Program spending includes both transfer payments which are intended to supplement the in
ROLE OF INFRASTRUCTURE IN THE ECONOMY: Economic Infrastructure produces services that directly facilitate and are basic to the carrying out of a wide variety of economic activ
Write a 1-2 page summary on markey failure
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