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Define Average Total Cost and Average Variable Cost Average Total Cost: The amount spent on producing every unit of output. The average cost is calculated by dividing the t
Describe the poverty cycle and suggest how a developing country can break the cycle. The poverty cycle is explained as the trap developing countries can land in; low incomes →
The economic model forecasting involves estimating several simultaneous equations which are generally behavioural equation mathematical identities and market clearing equations. T
Define Law of conservation of mass, Explain briefly, Law of conservation of mass: In all physical & chemical changes the total mass of the reactants is equal to that of the produ
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Statistical methods are considered to be superior techniques of demand estimation because: a. The element of subjectivity in this method is minimum, b. Methods of es
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Change in consumer income: A change in consumer income may bring about a change in the quantity demanded of a good or service. However, the direction of change in quantity deman
different types of production funtion and curve given by different economist
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