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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.
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a bus operates two routes,one to harare and another one to johanesburg.the company analyst estimated that the elasticity of demand for joburg is 0.9 while for harare is 2.the compa
Bank of Issue The central bank enjoys the monopoly of bank note issue i.e. no bank other than the central bank is authorised by law to print currency notes. Printing of paper
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