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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.
Solve equation P=200-Qs and Qs=4.5p +5
What are the 2 approaches in which results into a higher satisfaction?
GIVE EXAMPLES OF EACH OLIGOPOLY MODELS FROM REAL LIFE
International economic relations also vary, in large measure, on monetary issues. You are unlikely to accept the Turkish Lire in payment for your wages in this country, easily bec
law of diminishing marginal utility its assumptions, limitation, and its practical importance
How the above would apply to non-renewable resources such as oil. This has general applicability to any competitive market. The issue here is that potential supply has a finite
Factors Shifting Demand Curve -
NEED OF REFORMS: Presently Government offices generate a lot of paper work in the form of reports/returns, extended file movement in many cases for clarification of some mino
It is also known a sleadig indicators forecasting National Bureau of Economic Research of U. S.A has identified three types of indicate Leading indicators coincidental indicators a
define cost its types with curves
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