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Unemployment:
Unemployment refers to a situation where people who are willing and able to work do not find jobs at the existing wage rate.For a person to be referred to as unemployed he or she must be qualified for a job, willing to work at the current wage rate and unable to find a job.
if a monopolist makes economic profits, new firms enter the market and compete with the monopolist in the long run.
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1. What is a resource market? 2. Describe resource demand and resource supply. 3. Define derived demand. 4. Describe the resource market demand and supply curve. 5. Define a te
Give a critique of indifference curve
introduction of production
Commodities that are viewed as luxuries typically have price elastic demand, and commodities that are requirements have price inelastic demand. There is easily no substitute for a
Determine the Returns to Scale Use the following production function and budget constraint to answer the questions below. Q = L + K 1000 = 2L +
The demand functions for two related commodities are expressed as follows Q 1 = (12P 2 3/4 ) / (P 1 1/2 ) Q 2 = (24P 1 2 ) / (P 2 3/5 ) Where Q 1 and Q 2 are d
a) Collect costs, revenue data, or other data from the industry that you deem relevant. Describe how you would modify the data in order to make it relevant to decisions a manager m
Elasticity is a term broadly used in economics to signify the “responsiveness of one variable to changes in to another.” Types of Elasticity can be explained as follows: Th
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