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Product Markets: Markets where produced services and goods are bought and sold (distinguished from markets for factors of production).
Production: Process by which human labour (or ‘work') is applied, typically with the help of tools and other forms of capital, to produce useful services or goods.
national income and what is used to measure it
Explain how normal profit and abnormal profit differ. Normal profit (breakeven) - which must contain commentary on the inclusion of opportunity costs. Abnormal profit should be
Labor Total Output 1 30 2 50 3 60 4 75 5 80 a) If the price of the firm’s output is $12 per unit and the wage rate is $100 per worker, how many workers should the firm choose to
description of slutskian approach
advantages and disadvantages
Ask qu a.Fill in the column of marginal products. What pattern do you see? How might you explain it? b. A worker costs $30 per day and the ''Firm has fixed costs of $10. Use this
If the quantity demanded of Pepsi Cola goes up, and its supply enhances what will occur in the market for Pepsi?
What is the difference between price value and price level? Price value is the value of commodity bought by the consumer at a certain price from the market, while, price level
what to produce? how to produce? for whom to produce
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