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What is the marginal product? The marginal product of an input is the extra quantity of output which is generated by using one more unit of which input. Marginal product of
Ask question #impotance of capital output ratio#
what does phillip curve signify? how do you reconcile the difference in the shap of the curve in the short run and the long run?
Consider a two-player game where player A chooses "Up," or "Down" and player B chooses "Left," "Center," or "Right". Their player is as follows: When player A chooses "Up" and play
What is Inherent Limitation?
What is the definition of opportunity cost?
explain the profit maximizing/loss minimizing rule may be applied under the 3 scenarios
what is fiscal policy?
Gross Domestic Savings Income not devoted to current consumption is saved. In an economy during a particular year some units will consume less than their income while some wil
A rise in the real wage will bring a decrease in the quantity demanded of labor because of diminishing returns in production. As more and more labor is employed, it is increasingly
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