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Cost of Production, Its Types, Elements, and Calculation Methods
Every business must spend money to make goods or services. These expenses include raw materials, wages, electricity, and other daily…
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Methods of Calculating National Income Class 12 Notes
National income refers to the total value in money of all goods and services produced within a country for a…
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Ex Ante Demand: How is it Different From Ex Post Demand?
Ex ante demand is the amount of demand estimated or projected before the actual market event. It refers to forecasting…
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Equilibrium of Firm Under Perfect Competition: Long & Short Run
Equilibrium of a firm in perfect competition refers to where a firm maximizes profits by changing the output levels in…
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Closed Economy: Meaning, Examples & Real-World Implications
A closed economy is an economic system where international trade is not practiced, and hence the country solely depends on…