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What is the difference between indifference curve and isoquants? An indifference curve shows dissimilar combinations which a consumer can buy with a given level of income. Ind
Demand Function The function capturing the dependent relationship between the price people are willing to pay for products or service and other factors related to that product
1. Isoquants are negatively sloped because if the quantity of factor 1 used in production is decreased then the quantity of the other factor must be increased to produce the s
Returns to Scale Measuring relationship between scale (size) of a firm and output 1. Increasing returns to scale: output more than doubles when all the inputs are doubled
Calculate Marginal Revenue
how to calculate tc,tvc,tfc,afc and mr
Economics- Definition Economics is the study of how societies utilize limited resources to make valuable commodities and allocate them among diverse people. Microeconomics h
Define why prices is significant for economy Reason for using different weights is that some prices are more significant than others for economy. Price of gasoline, for instanc
Five identical people live in a small town and can earn a living either by having cattle $100 or by becoming a singer. If one person competes their expected payment is 210, if two
if the price of labour is 2000 per hour and the price of capital is 1000 per hour.is there an efficiency point of production.
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