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Consumer Surplus
-Difference between maximum amounts a consumer is wishing to pay for a good and amount actually paid.
The stepladder demand curve is converted into a straight line demand curve by making the units of good smaller. Combining consumer surplus with aggregate profits which producers obtain we can evaluate:
1) Benefits and Costs of different market structures
2) Public policies which changes the behavior of consumers and firms
Economic profit and Economic loss: Economic profit is the excess if total revenue over total cost when the latter includes both explicit and implicit costs. It is the type o
Frictional and Cyclical Unemployment: Frictional Unemployment: It refers to unemployment caused by changes in individual labour markets. This is the type of unemploymen
WHAT IS A PRODUCTION FUNCTION SCHEDULE?
What main features are found in oligopolies? Assumptions of oligopoly Four or five firm concentration ratio Frequently there are benefits of scale to be had Merg
WHAT IS OPPORTUNITY COST
factors influencing the conditions of demand for a given product
Suppose that a firm’s production function is given by Q=30L-3L2, where L is labor input and Q is the output. a) Derive and draw the firm’s demand for labor while the firm’s produ
Ask qdescribe average and marginal revenue under imperfect competitionuestion
A monopolist faces the following demand function for its product: Q = 45 - 5P The fixed costs of the monopolist are $12 and the variable costs are $5 per unit. a) What are the
TC = 1q^3 - 40q^2 + 840q + 1800 Price= $750
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