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The Competitive Firm
- Price taker
- Market output (Q) and firm output (q)
- Market demand (D) and firm demand (d)
- R(q) is straight line Demand and Marginal Revenue Faced by Competitive Firm
- The competitive firm's demand
- Profit Maximization
show this in a pie chart age = under 20|number of people = 20.90
b) Sally’s firm produces granola bars with a fixed cost of 10 (this cost is already sunk). Her variable cost function is VC = q2 + 2q. Assuming the market for granola bars is comp
Explain the term Laissez-Faire The term "laissez-faire" is used to explain an economic system where the government intervene as little as possible and leave the private sector
What is meant by minimum wage? The minimum wage is the minimum rate a worker can legally be paid (usually per hour) as opposed to wages that are examined by the forces of sup
Explain how a floating exchange rate works and the variables which affect the rate. Define a floating exchange rate as the price of a currency (in terms of another or basket of
Mixed Economic System and how can this system solve the economic problem, with example?
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if a monopolist makes economic profits, new firms enter the market and compete with the monopolist in the long run.
Explain the link between the rate of interest and inflation. Interest can be explained as the price of money - more expensive money will lead to few loans, higher saving and as
politicians are often heard saying that tuition at state universities should be kept low to make equation equally accessible to all residents of the state, regardless of income
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