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Differentiate between real and nominal variables.
In economics, the distinction among nominal and real numbers is often made. Nominal variables -- like nominal wages, interest rates and gross domestic product (GDP) -- refer to amounts that are paid or earned in money terms. Real variables -- real wages, interest rates, and GDP -- are corrected for the effects of inflation. They show the value of these numbers in terms of the purchasing power of wages, interest, or total production.
causes of monopoly
A farmer produces maize according to the following production function Q m = AK 1/3 L 2/3 Where Q m is output of maize, A = land, K = capital and L = labour Given that
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given that a=(4;2) and b=(5;11)determine the value of x in the following equation b=3x-1/2a
Five uses of elasticity on the Public Sector and five uses of elasticity on the Private Sector.
#question.contrast the long run equilibrium position of monopolistic competition firm and oligopoly.
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Advantages of Division of labour: Division of labour has advantages including the following: Development of Greater Skill by the Worker In division of labour, each
Player 2 C B A 1,2 3,2 B 2,3 a, b Player 1
characteristics of microeconomics
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