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What are the average fixed cost, average variable cost, and average cost of a firm? How are they related?

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Important Questions on Money and Banking

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Other Subjects>Economics>Money and Banking>Functions of Money
How can you calculate the total and average product schedules of labour from the marginal product schedule, given that the total product is zero at zero level of employment?
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Other Subjects>Economics>Money and Banking>Functions of Money
What is the 'cash reserve ratio' (CRR)?
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Other Subjects>Economics>Money and Banking>Functions of Money
What is the average product of an input?
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Other Subjects>Economics>Money and Banking>Functions of Money
What is meant by 'high-powered money'?
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Other Subjects>Economics>Money and Banking>Functions of Money
Given the production function \(Q = 5L^{ rac{1}{2}}K^{ rac{1}{2}}\), how would you calculate the maximum possible output with specific units of labour and capital?
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Other Subjects>Economics>Money and Banking>Functions of Money
How do commercial banks create money?
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Other Subjects>Economics>Money and Banking>Functions of Money
Why is the money supply called 'high powered' when issued by the central bank?
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Other Subjects>Economics>Money and Banking>Functions of Money
What is the law of variable proportions?
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Other Subjects>Economics>Money and Banking>Functions of Money
What does 'fiat money' refer to?
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Other Subjects>Economics>Money and Banking>Functions of Money
What is the marginal product of an input?
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Other Subjects>Economics>Money and Banking>Functions of Money
What is a 'repo rate'?
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Other Subjects>Economics>Money and Banking>Functions of Money
What is the primary function of money?
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Other Subjects>Economics>Money and Banking>Functions of Money
What is the total product of an input?
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Other Subjects>Economics>Money and Banking>Functions of Money
What is the role of the central bank in money supply?
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Other Subjects>Economics>Money and Banking>Functions of Money
Explain the concept of a production function.
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Other Subjects>Economics>Money and Banking>Functions of Money
Given a firm's short-run marginal cost schedule and total fixed cost, how can you find the TVC, TC, AVC, and SAC schedules?
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Other Subjects>Economics>Money and Banking>Functions of Money
Explain the concepts of the short run and the long run.
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Other Subjects>Economics>Money and Banking>Functions of Money
Explain the relationship between the marginal products and the total product of an input.
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Other Subjects>Economics>Money and Banking>Functions of Money
What is the law of diminishing marginal product?
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Other Subjects>Economics>Money and Banking>Functions of Money
What is a major drawback of the barter system?