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a. Generally, there will be a difference between the CV and the EV. Why?
b. The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled.
Marginal Revenue, Marginal Cost & Profit Maximization * Determining profit maximizing level of output - Profit (π ) = Total Revenue - Total Cost - Total Revenue (R) = Pq
(1) The demand curve for oranges is given by the equation P = 5 – Q/200. The supply curve is given by P = Q/800. Q is measured in oranges per day and price is measured in dollars p
What is contraction of supply?
Amartya Sen''s concept of poverty and welfare.
What is main difference between capital intensive goods and primary products? Primary product means the major product in which the firm is dealing. Capital intensive good mea
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Joe Brown’s dairy operates in a perfectly competitive marketplace. Joe’s machinery costs $500 per day and is the only fixed input. His variable costs are comprised of the wages pai
8,000,000 people in the population who are 16 yrs of age and older. 80% are willing to work. Currently 10% unemployment rate. a. how many people in labor force? b. How many are un
define perspective of managerial economics.
What are the advantages of trade surplus
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