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lung run eqiulibrium
A farmer produces maize according to the following production function Q m = AK 1/3 L 2/3 Where Q m is output of maize, A = land, K = capital and L = labour Given that
1. By using the Production possibility Curve (PPC), analyze the microeconomic theories such as scarcity, choices and opportunity costs. Provide relevant graph with numerical exampl
In his 2009 budget proposal for the U.S., President Obama wrote, "Unfortunately, we are also inheriting the worst economic crisis since the Great Depression which will force us to
Problem 1: Health insurance leads to health promotion. Using diagrams, describe the impact of health insurance on the demand for health care. (a) Distinguish between negati
GROWTH OF EMPLOYMENT OPPORTUNITIES: Policy failure refers to situations: i) When the objectives of public policy are attained partially or inadequately or in a distorted
Assume that the U.S. Department of Agriculture (USDA) administers the price floor for cheese, set at $0.17 per pound of cheese. (The price floor is formally set at $16.10 per hundr
what is the use of models in economics?
the basics in micro economics
What are the possibilities of returns to scale in production technology? Three possibilities are there as: technology exhibits (a) constant returns to scale; (b) decreasing ret
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