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Average Fixed Cost (AFC): AFC is the fixed cost per unit of output. AFC = TFC/y Since the TFC is constant throughout the short run, as y increases AFC will decline. Therefore
Direction of Trade: It is indicative of the structure and level of economic development. As a country develops and its trade gets diversified, it has to seek new outlets for i
advantages and disadvantages
can you help me answer an economics question
1. National Marine Fisheries Service is considering closing a large area of federal waters to fishing in Alaska due to negative interactions of fishing with endangered Steller sea
show that the necessary and sufficient conditions for consumer equilibrium under both cardinal and ordinal utility theories are identical .
The owner of the sole stage-theatre in the city of Vordervilla has found through experience that the cost of running his 600-seat theatre remains virtually the same irrespective
What are the determinants of income elasticity of demand? There are three determinants of income elasticity of demand. These are: Degree of necessity of a good: In a developed
How can we identify that something is elastic or inelastic? When demand of any commodity does not change with the change in price of that commodity that item is said by inelas
In the following article , I want you to comment on the type of market structure and whether Kinked Demand apply and what will possibly be the market share for GM and VW? ""In case
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