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1. What is the relationship between a firm's total revenue, profit and total cost? Give an example of hypothetical data and draw the curves. 2. Define economies of scale and e
Explain the key assumptions and desired properties commonly used economics. Economists generally make all or some of the given key assumptions and a condition while they study
If a 10% increase in the price of computers leads to a 20% reduction in the quantity demanded, what is the coefficient of demand elasticity? 2. A local government wants to increase
What are the advantages of leaving the allocation of a countrys resources to the price mechanism? Ans) The main conditions needed are: 1. Either a finite number of agents or pr
Suppose that in an economy 100 worker-hours produce 160 units of output in year 1. In years 2 and 3 worker hours are 120 and 130 and units of output are 216 and 260, respectively.
GIVE AND EXPLAIN IN DETAIL,ARGUMENTS GIVEN TO EXPLAIN LEONTIEF''S EMPERICAL FINDINGS ON THE HECKSCHER-OHLIN MODEL OF TRADE.
EXPLAIN KINKED DEMAND CURVE
Which of the following is a free good? Fresh water, forests in the northwestern United States, the advice of economists, or none of the above?
Selecting Output in Short Run * We will combine production and cost analysis with demand to determine output and profitability. A Competitive Firm Making Positive Profit
Intermediate Products: Products (which includes both services and goods) that aren't produced in order to be consumed, but somewhat are produced in order to be used in the producti
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