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Q. Explain the Short run production function?
Discussion of production up to now has ignored the time required to build production facilities. There is a requirement to take into consideration the time factor in discussion on the production. So in this section we consider the behaviour of production in the long-run and short-run.
The short run is a phase in that organisation can alter manufacturing by changing variable factors like labour and supplies though cannot change fixed factors like capital.
Consider a model world which is subject to a risk of global climate change. The damage is known to be from greenhouse gas (GHG) emissions as indicated by the marginal damage curve
summary of principle of time perspective?
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The war on drugs is an expensive battle, as a great deal of resources go into catching those who buy or sell illegal drugs on the black market, prosecuting them in court, and housi
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The Consumption Function The consumption function is the relationship [expressed in mathematical or diagrammatic form] between planned consumption and other independent varia
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