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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.
waht are the characteristics of perfect competetion market
if a bank has $6000 in checkable deposits and the required reserve ratio is 0.2 then the bank can lend how much money?
what are key elements in micro enviroment of red bull
to what extent are interest rates determined by the economic theory
define economics in plural sense. .
different btn elesticity of demand and inelasticity of demand
use of diagram how the price mechanism operates to allocate scarce resources. use examples to illustrate the answer.
Compensated Demand Curve: Compensated demand function for a commodity (say x1) of an individual consumer represents demand quantity for that good (which is purchased by the co
1. Through graphs describe the relationship between the price, P , and the average total cost, ATC , for a firm in perfect competition when it earns an economic profit; earns a n
• If Mary uses all her resources to produce hats, she can produce 48 hats an hour. • If she uses all her resources to produce apple pies, she can make 24 apple pies an hour. how
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