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graphical illustration describing the influence of an increase in immigrants on the market supply of labour
Fixed costs are those which are independent of output that is they do not change with changes in output. These costs are a fixed amount which must be incurred by a firm in the shor
optimal contracts under symmetric information
The marginal rate of substitution (MRS) quantifies the quantity of one good a consumer will sacrifice to get more of the other good. – It is calculated by the slope of the indif
Define the returns to scale in production technology. Returns to scale in production technology: Assume that we are using some vector of inputs x to generate some output y a
hoe does the knowledge of price elasticity of demand important to the government
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what is pure competition markets?
How does the production possibilietes curve relate to present day economics?
is economics a positive science
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