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What is the difference between decreasing marginal returns and negative marginal returns?
It is necessary for the proper understanding of the price theory to know the various concepts of cost that are often employed. When an entrepreneur undertakes production of a commo
Another school of thought developed what is called loanable funds theory of interest. Among the principle economists who contributed to the development of loanable funds theory men
critically evaluate the two main utility theories
a) The production function of certain firm is given as Q = 40 K 1/2 L 3/4 A unit of capital and labour costs Kshs 44 and Kshs 36 respectively. The firm would like to maxim
Describe what the price elasticity of demand is and why it is of interest in examining markets. Might it be beneficial in the airline industry? Why?
DISCUSS THE COMPENSATION PRINCIPLE OF KALDOR -HICKS
what is the type of the firms
Production Function Models
Economies of Scale The reduction in the cost of each additional unit produced as all factors of production increase. Factors contributing to economies of scale include discoun
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