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Slope of an Iso-quant: Since along an iso-quant the level of output remains the same, if θL units of θL are substituted for K units of K, the increase in output due to θ L
Risk Averse: - A person who prefers certain given income to risky income with same expected value. - A person is careful risk averse if they have a diminishing marginal ut
What factors shift the Aggregate demand curve to right and what factors shift the AD curve to left? AD shifts to the right when any component of AD enhances autonomously; e.g
which three group of the periodic table contain the most elements classified as metalloids (semimetals)?
Duopolist P=20-0.1Q where Q=QA+QB CA=QA CB=0.1QB2
consumer equilibrium by indiffrence curve approach
identify three factors to criticize the theory of consumer behavior or utility theory
Average product of a factor is the total output produced per unit of the factor employed thus, Average product = total product / number of units of factor employed If Q stand
Why is high unemployment considered a bad thing? High unemployment means that a nation's resources are underutilized. It also poses great psychological, economic, and social c
Business sell to households in the resource markets, but households sell to businesses in the product market
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