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Gains from International Trade: It leads to increased total world production of goods and services. International trade based on comparative cost advantage allows countries to
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Production Function Models
Marginal rate of technical substitution in the theory of production is similar to the concept of marginal rate of substituent to in the indifference curve analysis of consumer dema
Demand is defined as a schedule of the quantities fo good that will be purchased at various prices similarly the supply refers to the schedule of the quantities of a good that will
Costs: If raw materials, machines and other things required for production could be made available freely then the study of the theory of the production and indeed, the study of
what are the benefits of natural resources and industryquestion..
if the marginal production of labor is rising, is the marginal cost of production rising or falling? Briefly explain
diagrammatically condition of consumer equilibirium
a) An enhances in the quantity demanded of a good can happen because consumers expect the price of that good to enhance in the near future. b) A price ceiling imposed above the
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