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Explain how normal profit and abnormal profit differ.
Normal profit (breakeven) - which must contain commentary on the inclusion of opportunity costs. Abnormal profit should be explained as revenue above and beyond economics costs, i.e. a profit above what is essential to keep the firm in the market in the LR.
Elasticity- a) The price of good X goes up by 2.75%, the quantity demanded of good Y goes from 10,500 units to 25,000. What is the Exy? What does that number mean? What is th
discuss the methods used by the malaysian government to slow down import growth.
Perfect competition: Perfect completion refers to the market structure in which there are a large number of relatively small firms, each firm having freedom of entry into and
What is development economics? Traditional economics studies the allowance of scarce resources among alternative uses. Development economics seems at the economic, politica
In the purely competitive analysis, there were two dissimilar models, one model for the industry, in which the interaction of supply and demand recognized the market price and quan
hey, I just have a question on how to apply things like ATC and AVC in a problem. im just not too sure about what happens to the quantity of a particular good when asked. this is p
illustrate and explain the changing demand gor big Mac using the indifference curves and budget line
The process of production needs several inputs. These inputs are known as the factors of production. In most cases, firms own some of the factors of production while some have to b
What are the uses of elasticity to the private sector
Topic: Please choose a case study in water related area and analyse it from at least two angles (or more) by examining the technical side as well as the economical, social and poli
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