Explain how normal profit and abnormal profit differ, Microeconomics

Assignment Help:

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.

 


Related Discussions:- Explain how normal profit and abnormal profit differ

Duopoly, characteristic of duopoly

characteristic of duopoly

#monopoly, Write a 1-2 page summary on markey failure

Write a 1-2 page summary on markey failure

Production and cost, Q=2h find the marginal point. where q is the quantity ...

Q=2h find the marginal point. where q is the quantity of electricity in MW-h and h is the amount of water (in 100s of liters per hour)

What is yuen’s profit function, Yuen, a travelling salesman for snake oil, ...

Yuen, a travelling salesman for snake oil, can produce the stuff at a marginal cost of 1. There are 100 potential customers in Vernon, each of whom has the following demand functio

HDI, how to write an assignment on Human development index

how to write an assignment on Human development index

Money and banking., excess reserve make a bank less vulnerable to runs.why

excess reserve make a bank less vulnerable to runs.why

Describe excess profit criterion, Question 1 Discuss the short-run cost-ou...

Question 1 Discuss the short-run cost-output relations Question 2 Write a short note on pure competition Question 3 Describe excess profit criterion Question 4 Disc

What is return on investment, What is return on investment?   Return on ...

What is return on investment?   Return on investment is the profit earned by investing in some business or some project, for instance investment in stock exchange. Profit earned

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd