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problem1. How do returns to scale and returns to factor influence the shapes of the AC in Long-run and short-run correspondingly?

problem2. “Standard of living has to be measured using both monetary and non-monetary measures.” Comment on this proclamation.

problem3. Describe using diagrams, how is consumer surplus related to the price elasticity of demand?

problem4. Reducing occupational immobility of labour is the only way of lessening the level of unemployment. describe.

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