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If the marginal product of labor is 45 units of output and the marginal products of capital is 56 units of output while the wage rate is $20 per worker and the cost of capital is $
1. What is a resource market? 2. Describe resource demand and resource supply. 3. Define derived demand. 4. Describe the resource market demand and supply curve. 5. Define a te
Where minimum efficient scale is very huge for capital intensive operations, it may be more cost effective to allow one company to spread its fixed costs over a very huge number of
Suppose you are a painter, and the price of a gallon of paint increases from $3.00 a gallon t $3.50 a gallon. Your usage of paint drops from 35 gallons to 20 gallons a month. 1. Co
market failure
What is "high-powered money"? The "high-powered money" is the similar as monetary base, which is defined, at the minimum, as the sum of the currency in circulation (banknotes
analyze Swot of Canon
Q. What do you meant by Real GDP? Real GDP:Value of total gross domestic product (which is, all the services and goods produced for money in the economy) adjusted for effects o
(a) Explain why the Pareto criterion does not provide a complete ordering of the ordinal utility space (b) The competitive equilibrium is the only allocation where the gain
explain the theory of consumer behavior from the utility perspective
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