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Define law of demand.
Answer: Quantity demanded increases as price falls, other things constant. In other words, "Other things remaining the same, when the price of a good rises then quantity demanded of a good tend to contract and when the price of a good declines then the quantity demanded of it tend to expand."
Given the following demand and total cost functions for a firm P = 4500 - 0.5Q 2 TC = 1.5Q 3 - 50Q 2 + 1000 i) the marginal profit function
1. Define the concept of opportunity cost in your own words. Given an example from your own life of the opportunity cost of a decision (do NOT use classroom examples). Explain why
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TC = Q3 – 8Q2 + 68Q + 4
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The definition of a price maker is states as “firm with some power to set the price bcoz the demand curve for its output slopes downward”, that in effect, mean those firms with a d
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