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What are constant returns to scale? Constant returns to scale: A constant return to scale (CRS) implies that doubling inputs precisely double outputs, which is frequently a
Why narrowness of definition of a commodity may influence price elasticity of demand
how to estimate costs?
determinate equilibrium price and quantity. if Qd=7-1/2p AND Qs=1/4P-1/2
using the tools of an indifference curve and isoquent, highlight on consumption and production in business economics.
duality was used in comparative static approach in assessing the direction of change on economic variables . Why do we need duality and under what condition may duality can''t be u
A firm's production function is given by Q = √LK . The price of labour is w and the price of capital is r. a. The price of labour is $5 and the price of capital is $20. What is
Consider the market for purple magic markers. The demand for purple magic markers is perfectly elastic and the supply is upward sloping. If sellers of purple magic markers are taxe
Sources of Economic growth: Human resources: Investment in human capital is considered as an important factor for economic growth. This is done by increasing the quality of
Plot the demand schedule and draw the demand curve for the data given for Marijuana in the case above?
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