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Suppose an economy has four sectors, Agriculture (A), Energy (E), Manufacturing (M), and Transportation (T). Sector A sells 10% of its output to E and 25% to M and retains the rest
Ask questA rmuses 4 inputs to produce 1 output. The production function is f (x 1 ; x 2 ; x 3 ; x 4) =minfx 1 ; x 2 g + minfx 3 ; x 4 g.ion #Minimum 100 words accepted#
is country beter off with ban on imports?
using demand and supply curves explain how shortage and surplus are created
Average Fixed Cost (AFC): AFC is the fixed cost per unit of output. AFC = TFC/y Since the TFC is constant throughout the short run, as y increases AFC will decline. Therefore
Supply of a commodity is functionally related to its price. The law of supply rated to this function relationship between price of a commodity and its supply. In contrast to the in
Gross Domestic Product and Growth Rates: The rate of growth of the secondary and tertiary sectors has been more than double that of the primary sector, with the secondary sect
What is the difference between indifference curve and isoquants? An indifference curve shows dissimilar combinations which a consumer can buy with a given level of income. Ind
Private and Social Benefits Private benefits are those which accrue to an individual. They may be both monetary and non monetary, direct and indirect. Earnings of an individua
What is affected variable and cause variable? In a graph, one variable is dependant and the other is independent. The dependant variable is known as effect variable and indepe
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