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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.
What are the factors that producers in the society may take into consideration when deciding on the what to produce,how to produce and for whom ?
Determinants of reserve price
assignment on consumer equilibrium
P=140-4Q mc1=20+30q for plant 1 mc2=80+10q for plant 2 how many units should be produced by plant 1 and plant 2 to maximise profit for this monopoly?
how a firm will choose its optimal inputs, isocosts and isoquants explanation
what will be the effect on price and quantity when supply and demand changes in different directions but same magnitude?
What is the impact of microeconomics on economy?
1. On Wednesday the 16 th , 2008 an enormous avalanche knocked out the lines that transmitted electricity from a hydroelectric dam to Juneau, Alaska. This eliminated Juneau's prima
law of diminishing marginal returns does not hold then output of the world can be produced in a flower pot. Explain?
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