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Isoquants * Assumptions - Food producer has 2 inputs Labor (L) & Capital (K) * Observations: 1) For any level of K, output increases with L. 2) For any
Change in demand: change in quantity demanded occurs when the consumption of a commodity increases or decreases as a result a change in the price of the commodity, when all ot
Location of industry and localization of industry: Location of industry tries to answer the key economic question "where to produce". It involves deciding on the area that an
EMPLOYMENT AND UNEMPLOYMENT POLICY: Engagement of a person in any economic activity is central to the concept of identifying a worker. A worker is one who participates in any
define real and nominal wages
I don''t understand PPC at all
marginal utility is applied on money or not
explain and illustrate the changing demand for big mac using indefference curve and budget line
schedule and diagram of iso cost
A control in economics means a steady profit rate that is enhancing. Thus, after one year you could have £1mill profit then the next year £3mill profit etc.
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