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  1. R

    Economics Query.Can someone explain in detail?

    May 07 Paper 3 Q 6 Transfer earning is minimum amount willing to work for. This is the area under the supply curve until 40 hours. Hence ans is x+y B. for more info on transfer earning and economic rent http://tutor2u.net/economics/content/to ... rnings.htm Nov 07 Paper 3 Q 3,17 Substitution...
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    Economics Query.Can someone explain in detail?

    Nov 06 paper 3 Q 4,15 Q4 No of workers / average product / Total product / Marginal product 1 / 20 / 20 / 20 2 / 18 / 36 / 16 3...
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    Economics Query.Can someone explain in detail?

    Nov 05 Paper 3 Q 15 Not sure but imo i think this is because when industries are privatised they can produce according to the price mechanism and production is based on ability to pay. Furthermore, all the other options (marketing, financial management, quality and stock control are much more...
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    Economics Query.Can someone explain in detail?

    IN order May 04 Paper 3 Q 13 least cost combination is when MP/MC per unit of factor is equal for all inputs(resources). Also by law of diminishing returns, as quantity of input increases marginal product decreases. So here, land is 1/4, labour 2/6 and capital is 9/3. So you must increase...
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