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Fixed input and variable input:
A fixed input is that input whose quantity cannot be varied in the short-run when demand conditions require an increase or a decrease in production e.g. factory building, capital equipment, some skilled labour, etc. a variable input on the other hand is that where quantity can be changed in all times of production when demand conditions change to require a change in production e.g. raw materials, electrical power, unskilled labour, etc.
What is a Market? Markets A geographically stated area where buyers and sellers interact or communicate to decide the price of a product or a series of products. Marke
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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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