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discus how opportunity cost influence supplier''s decision to supply labour
Change in the price of a related good: Goods relate to each other in two ways. Goods are either complements or substitutes. Complementary goods are goods with joint demand. The
International Comparisons Method In the 1960s, a few developing countries of the world looked around the developed world in search of models of development. For instance, Sout
Differentiate between firm and industry. A firm is a business unit produced for the purpose of carrying out some kind of trading activity. The term "firm" is used in many ways
Input Substitution When the Input Price Change Isoquants and Isocosts and Production Function The minimum cost combination can be written as: - Minimum cost
Private benefit and social benefit: Bridge the gab between private cost and social cost, and private benefit and social benefit.Under perfect market, there may be a divergence
Second degree price discrimination (two part-tariff) An electric utility in Ontario has the following cost structure: TC = 500 + 20Q Suppose that the market (inverse o
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Earth is completely surrounded by thick envelope of gases called atmosphere. Atmosphere is sub divided into different layers depending upon the distance from the sea level. The
what is profit maximization..
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