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define opportunity cost and how it is useful in managerial decision making?
a) Joan's utility function can roughly be estimated as : U = 60Q 1 3/4 Q 2 2/3 She chooses from two composite commodities Q 1 and Q 2 whose prices per unit are kshs 20
What is affected variable and cause variable? In a graph, one variable is dependant and the other is independent. The dependant variable is known as effect variable and indepe
Trade union can also pay a useful role in improving the wages of the workers without causing adverse effects on employment. This case which is intensely associated with the idea of
what is the importance of law of supply
How does the PED and PES of commodities affect producers in developing countries? Explanation of PED (formulaic) Definition of PED outlining commodities as having lo
Problem: i) Differentiate between economic development and economic growth. ii) Describe carefully how, using the expenditure approach, national income is calculated. ii
I can''t figure out how to graph the aggregate consumption function and the aggregate saving function
what is an iso curve
Suppose that the U.S. Department of Agriculture (USDA) administers the price floor for cheese, set at $0.17 per pound of cheese. (The price floor is officially set at $16.10 per hu
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