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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 employedIf Q stands for total product L for the number of a variable factor employed then a average product (AP) is given by:Ap Q/LWe can measures the average product from the total product data given in table 16.1 thus when two units of labour are employed the average product is Q/K = 170 / 2 = 85 similarly when three units of labour are employed average product is 270/3 = 90 so on.
Perceived Value Pricing This refers to a pricing strategy that dictates that the price of a given item will be set based on the customer's perception of the value of that item
BUREAUCRACY: M de Gournay, an economist of France, first coined the word Bureaucracy in the eighteenth century to refer to "a fourth or fifth form of Government" in which "off
causes and effect of the unemployment
cartels model of collusive oligopoly
what is the homogeinity of demand function wrt prices and income
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Australians are turning to scooters to combat escalating petrol prices. After a slump in the March quarter this year, demand for scooters was up by more than 7 per cent in the firs
Economics- Definition Economics is the study of how societies utilize limited resources to make valuable commodities and allocate them among diverse people. Microeconomics h
what is outputgap?
Q. Describe about Capitalism? Capitalism: An economic system in that privately-owned businesses and companies undertake most economic activity (with the goal of generating priv
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