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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.
Problem 1: i) To what extent can a country actually rely on the principle of Comparative advantage before engaging in international trade? ii) Explain the different types
Explain the Human Development Index Introduced by the UN in 1990, the index take into account not only the goods and services formed but also the ability of a population to use
ACHIEVEMENTS OF BRETTON WOODS INSTITTUTIONS: Some of the important achievements of the BW Institutions can be summarised as follows: 1) International reserves have increa
Substitution Effect - The substitution effect is change in an item's consumption associated with the change in the price of the item, level of utility held constant. - Wh
LONG PERIOD ANALYSIS: Long period refers to a time when all the factors are variable. Earlier in the short period analysis, we had considered capital (K) to be fixed factor. H
The recent flooding in the upper Midwest destroyed a important proportion of the corn crop. Though, it has been discovered that corn oil is far better in keeping cholesterol withi
Smoking cigarettes is a leading cause of many diseases
maximum profits will occur at the output level
What are the properties of consumer demand? Properties of Consumer Demand: In this section check the comparative statics of consumer demand behaviour as: how the demand of cons
characteristics of microeconomics
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