IAOQUAN

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IAOQUAN Meaning of Equal Product Curves In recent years, a t nique has been developed to study the theory of production and to show the e it” • of a producer regarding combination of factors. This technique is of iso-product curves which is a parallel concepts to the indifference curves in the theory of consumption Just as an indiffer nce […]

Meaning of Equal Product Curves

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Meaning of Equal Product Curves  In recent years, a t nique has been developed to study the theory of production and to show the e it” • of a producer regarding combination of factors. This technique is of  so-product curves which is a parallel concepts to the indifference curves in the theory of consumption Just as an indiffer nce […]

Application of Equal Product Curves

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Application of Equal Product Curves  The isoquant technique is applicable to agricultureand to all lines of manufacture. TIle marginal rate of technical substitution guides in the substitution of some units of one input for some units of another input. in some cases.increased use of labour can heir in making a reduction in the use of raw materials. because spoilage and […]

Gold Bullion Standard

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Gold Bullion Standard  Under the bold bullion standard, the value of the currency is fixed in terms of gold by making such currency convertible into gold (bullion not coin), and vice avers. But gold does not circulate as coins. In the United Kingdom. under the Gold Bullion Standard, the Bank of England  was willing to buy any amount of gold at £3 […]

ELASTICITY OF SUPPLY

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ELASTICITY OF SUPPLY When a small fall in price leads to great contraction in supply, the supply is comparatively elastic. But when a big fall in price leads to a very small constraction in supply, the supply is said to be comparatively inelastic. Conversely. a small rise in price leading to a big extension in supply shows elastic supply, and a […]

SUPPLY FUNCTION

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SUPPLY FUNCTION So far we have discussed the changes in supply  response to certain factors in simple, non-technical terms. We give below practically the same thing in clutch  The behavior of the suppliers of goods follows a general and consistent pattern a they react 10 some identifiable set of functional supply determinants, Thus, the supply function identifies imbecilic determinants of supply for […]

MONETARY STANDARDS

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MONETARY STANDARDS Various monetary systems or monetary standards have been adopted in practice from time to time. These are (0) Bimctallism, (b) Munometallism, silver standard or gold standard. and (c) Paper Standard, Bimetallism has now only a historical interest. We shall discuss here gold standard, words, one ounce of gold 11/12 fine could be coined into £3 17s. lOt […]

From Aggregate Demand to Aggregate Supply

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From Aggregate Demand to Aggregate Supply We have completed our introductory analysis of the determinants of aggregate demand. We examined the foundations of aggregate demand and saw that AD is determined by exogenous f;J(:tors,such as investment and net exports, along with government policies. such as monetary and fiscal policies. In the short run, changes in these ‘factors lead to changes iI. spending and […]