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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.
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Assume the banking system contains: Total Reserves $ 80 billion Transactions Deposited $800 billion Cash held by public $1
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Hotel rooms go for $100/room and sell 1000/day; if taxed at $10/room and rate goes to $108 and 900 rooms are sold, what''s the tax revenue and dead weight loss?
what are the limitations of economies of scale?
Control of Monopolies and Restrictive Trade Practices Monopoly hampers economic growth by lowering output and increasing prices and has an anti-social impact. In India, the Monopo
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1. Consider an individual facing a wage rate w . There's a total of 100 hours available for work or leisure in a week. (a) Represent his budget constraint graphically (b)
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