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Questions
(i) You are an industry analyst. Last year, the production cost of Microprocessor increased remarkably due to labor unionization. Nevertheless, the industry experienced a sharp increase in total revenue. How do you explain this? The demand did not change. You must use a diagram to answer this question.
(ii) 5% decrease in price caused only 1% increase in total revenue. Is demand elastic, inelastic, or unit elastic? Explain.
(iii) Suppose one and only one worker is always required to operate one machine, and together they produce 100 units of output. Let's denote the number of worker by L and the number of Machine by K. What is the production function at this firm?
what is the theory of second best ? prove the theorem with the help of a diagram ?
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What are the uses of elasticity’s to the public sector and private sector?
distinguish between Isocost and Isocline
what is the combined total demand schedule for Delgian cocoa beans that European and USA consumers buy
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