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If one person can produce 1 fish and 10 oranges per hour and works 5 hours a day.another person can produce 2 fish and 20 oranges per 2 hors and works 8 hurs a day then who has the
would a rational producer be concerned with the average or marginal product of an input in deciding whether or not to hire the inputs?
1. What are the uses of elasticity to the public sector and private sector? (20 marks)
Ask qI run a company that makes household power plants that use microeconomic textbooks to generate enough electricity each day for one house. Since there are a lot of used microec
Explain why goods provided by natural monopolies are often publicly owned. It would seem that most normal monopolies come with high MSB and also that society has deemed these g
Population census: A population census is the head count of people living in a geographical area or in a country. A population census collects comprehensive data on people to
illustrate and explain the changing demand gor big Mac using the indifference curves and budget line
Suppose the price of printing paper for digital cameras has recently risen by 10 percent due to an increase in the cost of materials used in the finish for the paper. As a result,
ADVANTAGES AND DIS ADVANTAGES OF MONOPSONY
Elasticity of Demand Price elasticity of demand measures percentage change in quantity demanded which results from a 1 % change in price. Price Elasticity
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