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THEORY OF PRODUCTION:
Production activities related to goods and services require inputs. Typically, the set of inputs includes labour, capital equipments and raw materials. The producing unit usually has to solve the choice problem as a given amount of output can be produced from various combinations of inputs. Firms, therefore, look for production possibilities that are technologically feasible. A production function describes the relation between input and output with a given the technology. More formally, it shows the maximum amount of output that can be produced from any specified set of inputs, given the existing technology. If we assume that there are only two factors of production - labour (L), capital (K) and a single output q, mathematically a production function can be written as,
q = F(L, K)
The most fundamental economic problem is scarcity.
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What happens when oil eventually runs out?? can''t we just pay doctors and nurses more money?? The unemployed should get off their backsides and get a job??
1- Suppose the economy is currently in recession, and the exchange rate if fixed using the IS-LM model. a) explain and illustrate the economy adjustment ( in the medium run)
Is Indian companies running a risk by not giving attention to cost cutting?
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an emission fee levied against polluting firms will tend to shift the supply/demand curve of the firm/product to the left/right?
Q. What is Exchange Rate? Exchange Rate: The ‘price' at which currency of one country can be converted into the currency of another country. A country's currency is ‘strong,'or
nm utility index
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