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Optimum combination of resources
The firm can maximise output given costs. That is when the entrepreneur attains the highest isoquant given a particular Isocost.
At the point of tangency the absolute slope of Isoquant will be equal to the slope of the Isocost. Two conditions should however prevail, namely:
i. The necessary condition is that
w/r = MPL/MPk or MPL/PL = MPk/Pk
ii. The sufficient condition is that the Isoquant must be convex to the Isocost point of Tangency.
Let there be two consumers A and B, each buying at most two units of a good. A values having one unit at £10 and having two units at £12 whereas B values having one unit at £8 and
Jeremy is an economics learner who loves hamburgers. He could eat any number of them for dinner, but he gets a really bad stomach ache after eating a certain amount. In fact, his u
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explian williomson model of managerial discretion
Q. Explain about Concave Isoquant? If the isoquant is concave to origin it would mean that marginal rate of technical substitution is increasing. This behaviour is explained in
functions of economic development corporation
In the long run, because of the assumption of free entry and exit of the firms, it's not possible for the firms to make super-normal profits nor it is possible for them to incur lo
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Question 1: (a) Describe the argument that market entry erodes profits in the long run. (b) Give some reasons and discuss possible strategies used for profits to persist eve
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