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Q. Types of production function? Production function is of two different forms: The variable proportion production function The fixed proportion production functio
The Firm The unit that uses factors of production to produce commodities then it sells either to other firms, to household, or to central authorities. The firm is thus the uni
Advantages of a Free Market System Incentive: People are encouraged to work hard because opportunities exist for individuals to accumulate high levels of wealth. Choice
Question 1: 1 Explain the importance of barriers to entry in the control of Monopoly rents. 2 Discuss the extent to which competition leads to market promotion? Questi
wHAT IS THE SIGNIFICANCE OF EXPECTATION ELASTICITY ?
isoquant and its properties
Question 1: a. Discuss the alternative theories of money demand. b. Highlight the impact of financial liberalization on the money demand in a small island developing econo
p=10, TC= 1000+2Q+.01Q^2, Q=?
Advantages a. They are less costly to administer because the producers and sellers themselves deposit them with the government. b. If levied on goods with inelastic deman
Explain the concept of externality in economics? Give one example of a positive and a negative externality in Australia.
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