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define and explain the concept of social efficent production
Causes of inflation: Excessive growth in wages relative to productivity can cause inflationary pressures. This causes aggregate demand to increase relative to aggregate supp
f(x1 x2,x3,x4) =min(x1/4x22/3,x3+2x4)
Define the concept of cross elasticity of demand
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
Managerial Economies: These are many managerial economies associated with large-scale production. A large firm is in the position to employ more highly qualified and speciali
explain economic growth
what is money? functions
What does economic theory contribute to managerial economics? Explain
What is "high-powered money"? The "high-powered money" is the similar as monetary base, which is defined, at the minimum, as the sum of the currency in circulation (banknotes
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