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Why were there not any sustained increases in material productivity of human labor back before 1500?
Since improved technology quickly ran aground on resource scarcity. As human populations grew the stocks of natural resources known had to be distributed up among more and more people: miners had to use lower-quality metal ores, farmers had to farm lesser-quality agricultural land and forests vanished. Who alive today has ever seen one of the cedars of Lebanon? In place of technological progress resource scarcity meant that efficiency of labor was little if any greater in 1500 A.D. than in 1500 B.C.
Cost in the Short Run Marginal Cost (or MC) is the cost of expanding output by one unit. As fixed costs have no impact on marginal cost, it can be given as: Average Total
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What is endothermic reaction? 3. Draw a generalised energy graph for an endothermic reaction.
i) Two firms, A and B, are operating in a UK textile industry under duopolistic condition and choose to either produce at "High" price or a "Low" price. Suppose you are the man
SHOW MATHEMATICAL EXAMPLE
Explain how the price system eliminates a shortage. A deficiency means that quantity demanded is greater as compared to quantity supplied. This will lead to upward pressure on pr
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