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Explain about the economies and diseconomies of scale.
Economies and Diseconomies of Scale:
a. There are economies of scale while long-run average total cost refuses as output rises.
b. There are diseconomies of scale while long-run average total cost rises as output rises.
c. There are constant returns to scale while long-run average total cost is constant as output raises.
Assume a market with demand Q = 16p^(--2) that is supplied by a monopoly with costs C(Q) = 6 + Q2/8. 1. Calculate the equilibrium price, output and monopoly profits. 2. What
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what is phillips curve
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