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With an understanding of total revenue and total variable cost curves, the marginal revenue (revenue gained form each one-unit increase in production) and marginal cost (cost incurred from each one-unit i...

These are the inputs available to supply goods and services in an economy. Remembered by the acronym CELL - Capital, Enterprise, Land and Labour

To find the equilibrium point in a market you must make the supply and demand curve equal to one another. This means setting 20 - Q equal to 3Q and solving the simultaneous equations:20 - Q = 3Q20 = 4QQ =...

Interest Rates changes can impact an economy in different ways. With higher interest rates, consumers are more prone to save (because they get more money in interests) and therefore they consume less. Fur...

Absolute advantage exists when a producer can produce a good using fewer factor inputs than another. A producer has a comparative advantage in the production of a good if the opportunity cost is lower tha...