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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.
Andrew has preference given by: u(x,y) = min{2x, 3y} The price for good x and good y are identical and equal to 4. At his optimal consumption bundle he achieves a utility of 90. W
determination of rent
The State of Confidence in Conventional Judgements : While individuals fall back on conventions to guide their behaviour in the face of uncertainty, they are also aware that th
3. Which of the following would not be an expansionary fiscal policy? a.Increased welfare payments to the poor b.Decreases in federal taxes on corporations c.A balanced budget d.I
Traditional inventory control based on the calculation of EOQ At this point, it is worth considering some of the problems faced by companies using the simple inventory model
cartels model of collusive oligopoly
What are the income and cross elasticities of demand? Why might they be useful? Explain.
what is money? functions
Optimum currency area: An optimum currency area (OCA), also known as an optimal currency region (OCR), is a geographical region in which it would maximize economic efficiency
Austrian economics is a brand of neo-classical economics that was established in Vienna during the late 19th century & first half of the 20th century. Austrian economics was strong
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