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A firm has two plants. One plant produces according to a cost function cl (91) = Yf. The other plant produces according to a cost function c2(y2) = Yg. The factor prices are fixed
what are the properties of cob-douglas production function
discuss the law of variable proportion with the help of isoquants
What simplifying assumptions does the traditional macroeconomic model make (in addition to those made in the NIPA)? The simplifying assumptions are: 1) The household and i
STRUCTURE OF NATIONAL INCOME: The structure or composition of national income of an economy explains the relative significance of the different producing sectors in an economy
Adding the economic activities of government to the circular flow model shows that: 1. Government spending creates inflation 2. Government purchases of goods and services,
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ECM101 – MICROECONOMIC POLICY ASSIGNMENT 1 General Guidelines: This assignment comprises two sections and you must answer all questions in each section. Answers must be explained
Mrs Holt, 85 years old, has been admitted to acute care following a fall resulting in a fractured femur. She is a widow and lives alone with her three cats for company. a) What
Internal and external economies of scale: Internal economies of scale are the advantages or benefits that the firm enjoys as it expands its size or increases its scale of ope
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