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The End of the Malthusian Age
We clearly no longer live in a Malthusian age. For at least 200 years improvements in the efficiency of labor made possible by new technologies and better organizations haven't been neutralized by natural resource scarcity. (However a Malthusian age can return: project 20th century population growth rates forward and calculate that in year-2200 population of the earth would be 93 billion; it needs skill and ingenuity to argue today that resource scarcity will not be a dominant feature of such a world).
Profits University creates student credit hours (y) with two inputs: Professors' hours of work (x1) and TAs' hours of work (x2) according to the manufacture function: f(x1,x2)= 10x
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Q. What do you meant by Deficit? Deficit: When a business, government or household spends more in a given period of time than they generate in income, they suffer a deficit. A
Where minimum efficient scale is very huge for capital intensive operations, it may be more cost effective to allow one company to spread its fixed costs over a very huge number of
Marvelous Marvin spends his money on muffins (m) and a composite good (c) (whose price you may assume is $1 throughout this problem). Marvin's utility is U = m + c and his income (
Monica consumes only goods A and B. Suppose that her marginal uility from consuming good A is equal to 1/Qa, and her marginal utility from consuming good B is 1/Qb. If the price of
THEORY OF REVEALED PREFERENCE: If consumer's taste and preferences do not change, then observation of her market behaviour or, actual act of choice between the commodity sets
When the curve that envelops the sweries of possible short-run average total cost curves is horizontal, this means that they are a. economies of scale, b. dieconomies of scale, co
Question: (a) Using an example, differentiate between private, social and external costs and benefits. (b) With the use of a diagram, describe the difference between profi
1) Vitamin A Vitamin A has been chosen as the vitamin to be included in the supplement since it has a role in several functions some of which as follows: 1. Helps in proper vision.
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