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Unions in a Competitive Market: Again, there a group of economists who will rely on the use of the competitive model to demonstrate the evils of unionization. The most regular anal
Define law of demand. Answer: Quantity demanded increases as price falls, other things constant. In other words, "Other things remaining the same, when the price of a good r
Jane receives utility from days spent travelling on vacation domestically(D) and days
what is the meaning of total revenue?
Q. What is Unit Labour Cost? Unit Labour Cost: How much an employer pays for labour needed to produce each unit of a good or service. Unit labour cost can be computed by dividi
Development: Economic development is the process through that a country's economy expands and improves in both qualitative and quantitative terms. Economic development requires co
If the marginal product of labor is 45 units of output and the marginal products of capital is 56 units of output while the wage rate is $20 per worker and the cost of capital is $
3.Cost Minimization for Cobb-Douglas. Suppose the Acme Gumball Company has the produc- tion function of q=LK. Given that the MPL=K, MPK=L and MRT S=MPL/MPK. Part a-b, we are anal
Joe Brown’s dairy operates in a perfectly competitive marketplace. Joe’s machinery costs $500 per day and is the only fixed input. His variable costs are comprised of the wages pai
Business Meeting Etiquette: Before meetings, the correct way to arrange a meeting is to take an appointment 3 to 4 weeks before, even though it is known that generally gatherings w
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