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The Firm The unit that uses factors of production to produce commodities then it sells either to other firms, to household, or to central authorities. The firm is thus the uni
'' monopoly is good for consumer welfare" is this crrect
show how scarcity and opportunity cost are useful in decisionmaking
examples
Help with writing papers and analysis for case "The Ready-To-Eat Breakfast Cereal Industry" in 1994
THE LAW OF DIMINISHING RETURNS (LAW OF VARIABLE PROPORTIONS) One of the most important and fundamental principles involved in economics called the law of diminishing return
PROBLEMS OF USING PER CAPITA INCOME TO COMPARE STANDARD OF LIVING OVER TIME 1) The composition of output may change. e.g. more defence-related goods may be produced and
The aim of monopolist is to maximise profit therefore; he would produce that level of output and charge that price which gives him maximum profits. He would be in equilibrium at th
The International Monetary Fund The International Monetary Fund is a kind of an embryo World Central Bank. Its objectives are: i. To work towards the full convertibilit
A firm producing hockey sticks has a production function given by X = 2 KL In the short-run, the firm's amount of capital equipment is fixed at K = 1000. The rental rate fo
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