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Meaning of absolute cost difference and comparative cost difference.
1. Ayanna grows herbs. Last year she grew 2,000 pounds of herbs in a year while using 250 square feet of land and 1 worker. This year she doubled her land to 500 square feet, doubl
Define the returns to scale in production technology. Returns to scale in production technology: Assume that we are using some vector of inputs x to generate some output y a
At what point is the Fed likely to raise interest rates for the first time? How large are the first couple of hikes likely to be? (hints: conditional on unemployment or gdp growth
Sally recently finished her full-time training and received certification as a nurse’s aid at the end of August. She sent out applications to prospective employers during the last
A firm in a perfectly competitive product market takes the price of the product as given. Similarly, a firm in a perfectly competitive factor market takes the price of the factor
Q. Explain Nominal GDP? Nominal GDP: Nominal gross domestic product measures total value of all the services and goods produced and traded for money in the formal economy, eval
explain stages and various coordination mechanism involved in policy process
7.Consider the following production possibilities table: Option Y X A 0 100 B 80 80 C 120 50 D 140 10 a)Provide a measure of the approximate marginal opportunity cost of
why does gap between the ATC curve and the AVC curve decreases as the level of output increases
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