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what is the law of diminishing marginal product? explanation with the help of proper schedule and diagram.
THEORY OF CUSTOMS UNION: A customs union is an association of two or more countries to encourage trade. The countries making such an arrangement agree to eliminate tariffs and
concept of supply
4) The prevention of major swings in economic activity can be handled most easily by the A. household sector B. business sector C. financial sector
Cost Push or Supply Inflation: It is a situation where the process of increasing price level is caused by increasing costs of production which push up prices. Cost push infla
Explain how a floating exchange rate works and the variables which affect the rate. Define a floating exchange rate as the price of a currency (in terms of another or basket of
would a rational producer be concerned with the average or marginal product of an input in deciding whether or not to hire the inputs?
In markets, the invisible hand allocates resources efficiently a. in all cases b. when there are positive externalities, but not when there are negative externalities c. when there
how to solve min (x+y/2, 2y+3x, 3x)
Location of industry and localization of industry: Location of industry tries to answer the key economic question "where to produce". It involves deciding on the area that an
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