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LONG PERIOD ANALYSIS:
Long period refers to a time when all the factors are variable. Earlier in the short period analysis, we had considered capital (K) to be fixed factor. Here in this part, we assume both L and K to be variable factors. Therefore, the production function would be:
q = F(L, K)
The producer can now employ L and K units at her will to produce output q as per the production technology. Therefore, in the K - L input space the producer can choose any combination of K and L to produce output.
in the keynesian model, the price is assumed to be what?
Disadvantages of State Trading State trading has several disadvantages. (i) State trading is often afflicted by the corruption and inefficiency usually associated with the pu
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the demand and supply functions for goods are given by demand:Pd=50-3Qds and supply:Ps=14=1.5Qs. where p is the price of a pair of jeans, Q is the number of pairs of jeans a) calc
Hi, My Econ prof gives out a sample exam two days before we take the real exam. If I were to submit the sample exam to you, how long would it take to get the answers back?
Question: (a) Describe the two major developments which have led in the adoption of Import Substitution Industrialisation by Developing Countries in the 1940s/50s. (b) Ill
Define the Production Possibilities Curve
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use a graphical illustration to describe briefly what the influence of each of the following would be on the market supply of labour on an increase in immigration..
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