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For the purposes of economic analysis, a normal profit contains the cost of the lost opportunity of the next best option allocation of the firms resources. In a purely competitive
ahmed has 500 dolars.asma has 700 dolars.cismaan has 800 dolar
"Consider a market with n firms occupied in Bertrand competition. These firms have in common dissimilar marginal costs but any number of them may also have equivalent marginal cost
Division of labour: Division of labour involves dividing a production process into a number of smaller tasks for each task to be undertaken by a different worker. It may also be
"Dr. Arata Kochi, the World Health Organisation malaria chief,... [says that] eradication is counterproductive. With enough money, he said, current tools like nets, medicines and D
what are criteria and conditions for pareto optimacy
explain how microeconomic and macroeconomic issues may be represented using the production possibility curve
demand elasticity analysis and its significance in pakistan
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
some fields have large enough quantities of both oil and ntural gas taht coordination must be achieved for the production of both, reather than oil alone as in our examples. will f
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