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Division of labour:Division of labour involves dividing a production process into a number of smaller tasks for each task to be undertaken by a different worker. It may also be referred to as specialization because each worker specializes in doing only one task thereby producing a part of the product as against producing the whole product. Division of labour may be applied in all aspects of production including agriculture, manufacturing, etc.
During the 1990s, technological advance reduced the cost of computer chips. Explain, with the use of supply and demand diagrams, how the following markets are affected in terms of
Non-existence of Objective Probability Distributions : Let us see why expectations are volatile in nature? According to Keynes (1936, pp. 149): "Our knowledge of the fact
1).Explain a coordination failure. Using the Prisoner's Dilemma example above, discuss coordination failure. 2). What's a Market Failure? Please define the circumstances under w
do you agree that according to econmy theory a business will always close if its total reveneu cover total costs
impact of computer technology on nigerian economy
The following model shows the consumption function given: Ct = AD t β 2 Where A and β 2 are unknown constants and D is disposable income. (a) Show how by taking logari
You have decided to sell some goods at a local music festival. You have hired a sales stand for $500. Your cost per item is $3 and you will sell each item for $5. When you did your
how does economics bridge the gap between economic teory and practise
how pp curve can solve the central problems of an economy?
The production function for a firm is expressed as follows: Q = 800K - K 2 +5KL - 7750L + 10,000 Where Q is quantity of units manufactured, K and L are units of capital and
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