Illustrate what basic principles does production possibility

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Reference no: EM1371488

Q. calculates accounting profit or loss as well as economic profit or loss in each of following situations:

A firm with total revenues of $150million, explicit costs of $90million and implicit cost of $40million

Q. Illustrate what basic principles does production possibilities (or transformation) curve illustrate? Consider where an increase in production of one good requires an increase or decrease in production of or goods when K and L are held constant

Reference no: EM1371488

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