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Within analysis of perfect competition, we distinguish between the short run and the long run on the basis that use of some input factors is fixed in the short run, but variable in
Average product and marginal product: Average product (AP) is the output per unit of the variable factor employed. In other words, it is the productivity of the variable facto
discuss the problems of measuring productivity in actual work situations. how might productivity be measured for each of the following industries: education, government and manufac
what is diversification
Describe what the price elasticity of demand is and why it is of interest in examining markets. Might it be beneficial in the airline industry? Why?
discuss whether marginal utility is a realistic piece of economic analysis in explaining consumer demand
theory of profit
Problem: i) What do you meant by the term ‘economic efficiency'? ii) By using appropriate examples differentiate between fixed and variable costs. iii) Consider different
politicians are often heard saying that tuition at state universities should be kept low to make equation equally accessible to all residents of the state, regardless of income
Black Economy Public Policy Interface: The above mode of functioning and expansion of the black economy became an important basis for policy disruption in India. The undergrou
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