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INDIRECT TAXES
These are imposed on an individual mostly producers or traders but they can be passed on to be borne by others usually the final consumers. They can also be defined as taxes where he incidence is not on the person on whom it's legally imposed. They include excise duties, sales tax, Value Added Tax and others.
State the Fixed factor of production Input level of a fixed factor can't be varied in the short run. Capital falls under the category of fixed factor. Capital alludes to resour
explain the incimental principle
Blowing Safety Co. P/L manufactures safety parachutes for the airline industry. These are sold directly to the airline companies. Management expects to manufacture and sell around
Economies and diseconomies of scale are of two types- external andinternal. Internal economies and diseconomies are those which a firm reaps as a result of its own expansion. Conve
One lumber producer may locate a plant in the same area. If it does, there will be more competition for labor and the labor supply function facing Northern will shift to
FACTORS RESPONSIBLE FOR WAGE DIFFERENTIALS WITHIN THE SAME OCCUPATION i. Differences in the environment: For example a doctor sent to North Eastern Province must be pai
THE STRUCTURE OF POPULATION AND SUPPLY OF LABOUR The structure (also called age distribution or composition) of population, or the number of people in the different age groups
Other Determinants 1. Rate of Interest Is contained in the argument of the classified economists who argued that rational consumers will save more and consume les
Two firms are engaged in Bertrand competition. Both firms have a stable marginal cost of €7. Presently, every firm is allocated half the market. There are 10,000 people in the popu
Intended or planned Investment Expenditure on investment depends on business expectations on the chance of making profits and on the availability of funds for the purchase of p
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