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Explain how diminishing returns differ from diminishing returns to scale. The answer should clearly distinguish among SR (one or more factors are fixed) and LR (where all facto
what is the theory of Second best? Prove the theorem with the help of a diagram.
what is iso-product curve
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
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what is the homogeinity of demand function wrt prices and income
large firms charge the price which is higher than the small firms, contruct the diagram
Calculate the number of moles in 15.8 grams of aluminum hydroxide
A competitive firm produces output using three fixed factors and one variable factor. The firm’s short-run production function is q = 154x – 5x2, where x is the amount of variable
Elasticity of Market Supply • Perfectly inelastic short run supply arises when industry's plant and equipment are so fully utilized that new plants should be built to ac
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