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Household
This refers to all the people who live under one roof and who make or are subject to others making for them, joint financial decisions. The household decisions are assumed to be consistent, aimed at maximizing utility and they are the principal owners of the factors of production. In return for the factors or services of production supplied, they get or receive their income e.g.
An optimum Population Countries are often described as under populated or overpopulated. From the economist's viewpoint these terms do not refer to the population density (i.
A company uses 2 inputs, K and L in its production function. The production function is given as where Q, K and L are in units per week. Price of input K per unit is RM100, and inp
The following represents the section headers you should consider for your reasoned document. Each section should have (at least) two research citations to support your work :
b) Discuss the validity in Zimbabwe of the grounds on which the profit maximising model of the firm has been defended.
if market demand is Q= 30 - 3P how do you write the marginal revenue function as a function of Q
calculate point elasticity of demand for demand function q=10-2p for decrease in price from rs 3 to rs 2
what is cardinal and ordinal utility?.
Autonomous Expenditure Also called Exogenous expenditure, is any expenditure that is taken as a constant or unaffected by any economic variables within our theory. For instan
NATIONAL INCOME AND STANDARDS OF LIVING Standard of living refers to the quantity of goods and services enjoyed by a person. These goods may be provided publicly, such as in t
Diminishing Marginal Utility Diminishing marginal utility as well is to be held responsible for the rise in demand for a product when its price declines. When an individual pur
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