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Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo Unit III:
Production and Costs: This section examines how firms combine inputs (labor, capital) to produce output. Key concepts include the Law of Variable Proportions (how output changes when one input varies) and Isoquants/Isocosts, which help a firm find the cost-minimizing equilibrium.
Unit IV: Perfect Competition: This covers markets with many buyers/sellers and identical products. It explains how firms reach short-run and long-run equilibrium and explores allocative efficiency, where resources are distributed to maximize social welfare.
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Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo Unit
