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production function
Types of Price Elasticity of demand a) Perfectly inelastic demand Demand is said to be perfectly inelastic if changes in price have no the quantity demanded so
Cost of Unemployment Unemployment is a problem because it imposes costs on society and the individual. The cost of unemployment to a nation can be categorized under three hea
Burden of the national debt The extent of the burden on a nation of public debt, depends in the first place on whether it is an external or an internal debt. The burden of th
Bikes-for-two, Inc., produces tandem bicycles. Its costs have been analyzed as follows: VARIABLE COST Materials $30/unit Manufacturing labor 3 hours/unit ($8/hour) Assembly labor 1
Advantages a. It is more equitable. The broader shoulders are asked to carry the heavier burden. b. It satisfies the canon of productivity as it yields
What is the difference between a movement along a demand or supply curve and a shift of one of these curves? Why is it important to distinguish between the two? What mistake migh
The Social Cost of Unemployment i. For the individual, there is the demoralizing effect which can be devastating particularly when they are old. This is because as some
1. According to an article in San Luis Obispo Tribune July 21, 2006 37% of the college freshman and 48% of the college seniors carry a credit balance from month to month. Suppose
Economics is generally defined as the problem of how best to allocate limited resources, limited because needs are characterized as unlimited, but common sense tells us that rather
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