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Ask qI run a company that makes household power plants that use microeconomic textbooks to generate enough electricity each day for one house. Since there are a lot of used microec
haberlers cost theory
The basic concepts of price theory
Returns to Scale Measuring relationship between scale (size) of a firm and output 1. Increasing returns to scale: output more than doubles when all the inputs are doubled
Concepts of Income and Substitution Effects: Change in demand for a good due to one unit change in price of that good for given prices and money income is known as own price
Direction of Trade: It is indicative of the structure and level of economic development. As a country develops and its trade gets diversified, it has to seek new outlets for i
Type of total outlay
Allocative efficiency criteria are satisfied by the competitive model. Because P = MC, in each market in the economy there is no over- or under- allocation of resources in this ec
Q. Define Economies of Scale? Economies of Scale: Most economic production requires producing firm or organization to make an initial investment (in real capital, in design and
use of diagram how the price mechanism operates to allocate scarce resources. use examples to illustrate the answer.
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