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Consider the following flow (in thousands of people) between the various labour market states in a particular month:
Iso-quant: The dots in the above Figure denotes the various combinations of (L, K) that the producer can pick up from form to produce. Among these combinations, there can be t
Explain how diminishing returns differ from diminishing returns to scale. The answer should clearly distinguish among SR (one or more factors are fixed) and LR (where all facto
#question.what is meant by ppc?illustrate the central problems of aneconomy with this curve.
firm''s product sells for Rs.200 per unit in a highly competitive market. The firm produces output using capital (which it rents at Rs.7500 per hour) and labor (which is paid a wag
For the purposes of economic analysis, a normal profit contains the cost of the lost opportunity of the next best option allocation of the firms resources. In a purely competitive
National Budget: A National Budget is a document showing estimates of expected government revenue and intended expenditure for the coming financial year. It usually consist of
Difference between accounting profit and economic profit: The difference between accounting profit and economic profit is that economists include in total cost of production b
What are the advantages and disadvantages of monopsony?
marginal utility is applied on money or not
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