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Define the returns to scale in production technology.
Returns to scale in production technology:
Assume that we are using some vector of inputs x to generate some output y and we choose to scale all inputs up or down through some amount t = 0. What will occur to the level of output? The concepts of returns to scale can be used to answer this problem. Returns to scale consider to how output responds while all inputs are varied in similar proportion so that they consider long run production processes.
Distinguish among the terms of trade and the balance of trade for a country. Definition of terms of trade a) The amount of a given amount of export goods essential to buy
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explain the central problem of economy with production possibility curve?
What are the factors that determine the volume of production?
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Assume that the market equilibrium rent for two-bedroom apartments in Santa Monica, California is $1500 per month and the quantity is 40,000 units. The city council of Santa Monica
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