answer. I. Explain the difference between diminishing total returns to labour and diminishing marginal returns to labour. Diminishing returns to labour means that an increase in the number of labour units will decrease the amount of output. Diminishing marginal returns means that additional units of labour increase output at a decreasing rate. II. Suppose the production function for T-shirts can be represented as q = L0.25 K0.75. When K = 1 and q = 2‚ what is the slope of the isoquant
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Differrences between Invitation to treat and Proposal A proposal is made when a person is willing to enter into a legally binding contract. However‚ an invitation to treat is merely a supply of information (eg. an advertisement) to tempt a person into making a proposal. It is important to differentiate a proposal which will consequently lead to binding obligations on acceptance. On the other hand an "invitation to treat" is a mere suggestion of a readiness to deal or trade. In essence‚ an invitation
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Bandung and Bali are famous for their locations and sites to be visited by tourist. However‚ there is a lot of contrast and differences between Bali and Bandung. The main difference between Bandung and Bali are from their cultures and religions. Bali is an island and a province of Indonesia‚ the nation’s smallest province. Since Bali is an island‚ Bali is surrounded by sea. Bali has great beaches for beach activities. Some famous locations are Tanjung Benoa which is famous for beach sports and
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Taylor Sheridan only has two writing credits to his name so far but they happen to be the critically praised Sicario and Hell or High Water. Now the actor/writer makes his directorial début with Wind River starring Jeremy Renner and Elizabeth Olsen. Set on the Wind River Indian Reservation or as it’s known as‚ the place where your will to live goes to die‚ US Wildlife Agent Cory Lambert (Renner) investigates the dead body of one of the residents found in the middle of the frozen woods. Expecting
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Cancer is a genetic disease requiring a series of change. Carcinogenesis is the development of cancer. Cancer cells are abnormal cells and they have characteristics that can be associated with their ability to grow uncontrollably. Cancer cells are non-specialized‚ and divide uncontrollably. Cancer in situ is a tumor located in its place of origin. Malignant tumors establish new tumor distant from the primary tumors. Cancer cells characteristics distinguish them from normal cells. They have abnormal
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The life of the Lords and Ladies of the Middle Ages throughout Europe had hardships and benefits. In most cases‚ however‚ they had great lives because of their manors‚ castles‚ and vast wealth in the land. Overall‚ the quality of life and the lifestyle of the lords and ladies of the Middle Ages depended on wealth‚ protection‚ and various events which were occurring within the area. To begin‚ the area in which the Lords and Ladies lived varied in the Middle Ages. However‚ they were all similar in
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In the 1929‚ The United States suffered greatly from the worst stock market crash in history‚ which started The Great Depression. The stock market crash of 1929 led to suffering of millions of American citizens. The Great Depression was the longest and greatest stock market crash in the history of the western world. It lasted over 10 years‚ from 1929-1939‚ which is the longest and widest depression in western history. A depression in economics is‚ “A sustained‚ long-term downturn in economic activity
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they teach. However‚ now I am an undergraduate student in the American university of Afghanistan which is completely different from Kabul University. I can see the huge differences between these two Universities in terms of security‚ educational system‚ and the campus of the university. First of all‚ the major difference between these two universities is in the security they provide. The American university of Afghanistan or we may say AUAF is much secured compared to Kabul
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Differences between the Patricians and the Plebeians During the early stages‚ Rome was a civilization that began growing on the Italian peninsula and was controlled by the Etruscans. These people were very powerful and wealthy kings. According to Gill (2017)‚ the Etruscans were violent against the civilians and to instill their ideology it was done through intimidation and fear until the Romans rose up and boot out their ruler in 509 BCE. Gradually it went from a Roman kingdom to a Roman Republic
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stocks‚ they are more concerned with their portfolio of stocks rather than a particular stock. Also‚ shareholders may not be capable of knowing whether management is doing their best for them‚ but they may not be very concerned so long as they receive what they consider to be a satisfactory return on their investment‚ hence the term “satisfice.” Q6: Discuss the meaning of the term “principle-agent problem.” Why does this problem exist? The principal-agent problem arises when management’s objectives
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