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Long Run Average Cost (or LAC) -Constant Returns to Scale If the input is doubled, the output will double and average cost is constant at all the levels of output.
TRENDS OF NATIONAL INCOME: Estimates relating to India's national income and per capita income are available to us for each of the years beginning 1950-51. These estimates are
similarities
Is there any relation between inflation and unemployment? The Phillips Curve was a relationship among unemployment and inflation discovered by Professor A.W. Phillips. He foun
law of diminishing marginal utility its assumptions, limitation, and its practical importance
1. Cost minimizing firms must be profit maximizing as well. False, why??
There are various implications of the monopoly model; many of which lead to criticisms of monopoly on issues of both technical /allocative efficiency. The prices and output verifi
Q. State the Keynesian Theory of employment? Under employment Theory, Govt interference Aggregate Demand- Aggregate supply- Effective demand, Income and employment consumption
bain''s model of limit pricing with diagram
Devil's Advocate Explicit role undertaken by a group member who actively questions and challenges the group's ideas, procedure, and decisions. Such active questioning helps de
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