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Economic Growth: Economic Growth refers to an increase in real aggregate output (real GDP) reflected in increased real per capita income. A country is said to experience econo
Explain the graph as their is an increase in income
Marginal Product (MP) of a Factor: From the above mentioned production function, immediately we can study the effect on total output when there is a variation in labour utlili
CRITIQUE OF ECONOMIC REFORMS: The critique of economic reforms should consider the actual growth rate achieved, its impact on employment and poverty reduction, its impact on l
The act of production involves the transformation of inputs into output. Production is a transformation of physical inputs into physical inputs into physical output. The output is
3, chapter 12
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what is the indirect utility/
Why Average Revenue= Marginal Revenue
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