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a) The production function of certain firm is given as Q = 40 K 1/2 L 3/4 A unit of capital and labour costs Kshs 44 and Kshs 36 respectively. The firm would like to maxim
Should the bank not have anyone to lend the demand deposit to (like that will ever happen) would the size of the money multiplier decrease? If so, why?
Discrimination: As a result of sexist and racist attitudes and deliberate efforts of employers to oppose groups of workers against each other, different groups of people (divided a
what is microeconomics
Type of total outlay
Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4 1. Suppose that the
Long-Run Versus Short-Run Cost Curves What happens to average costs when both the inputs are variable versus only having one input that is variable (short run)? The Inflexi
law of diminishing returns
NETWORK EXTERNALITIES Till this point we have assumed that people's demands for good are independent of each other. Actually, a person's demand can be affected by the number
Expected Value - The weighted average of payoffs or values resulting from all the possible outcomes. The probabilities of every outcome are used as weights Expected
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