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ECS1501-25-Y Topics 12 -15
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Average cost is obtained by dividing total cost by total product.
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Consumer equilibrium assumes
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What happens to the quantity demanded when the price of a good decreases, according to the law of demand?
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Marginal utility is defined as
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When the total value decreases, the corresponding marginal value is negative.
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Both the conditions of affordability and equal weighted marginal utilities should be met for a consumer to be in equilibrium.
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The aim of the consumer is to maximise profit.
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The derived demand for labour depends most directly on
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In a competitive labour market, the wage rate is:
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In deriving the demand for labour, what role does the marginal product of labour play?
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