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1. Explain how absolute advantage and comparative advantage differ? 2. Give an example in which a person has an absolute advantage in doing some thing but another pers
explain convergent and divergent system
what is diversification
Reorder Point Techniques Systems based on reorder points assume that demand is uniform and predictable and that there is no true identifiable time of need. Hence, stock must a
Market Demand Market Demand Curves - A curve which relates the quantity of a good that all the consumers in a market buy to price of that good. Determining Market Demand
Average product of a factor is the total output produced per unit of the factor employed thus, Average product = total product / number of units of factor employed If Q stand
Economic Reforms and Reduction of Regional Disparities: Another important objective of development is to reduce regional disparities. Government has been helping the backward
b) Sally’s firm produces granola bars with a fixed cost of 10 (this cost is already sunk). Her variable cost function is VC = q2 + 2q. Assuming the market for granola bars is comp
Explain in detail the concept of PPC with suitable eg.
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 $
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