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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.
Define the price ceiling A price ceiling is a highest price that sellers can charge for a product.
Dialectic Inquir y It is a technique for group decision making in which members are forced to "debate" both sides of a matter. Dialectic inquiry forces consideration o
Define the returns to scale in production technology. Returns to scale in production technology: Assume that we are using some vector of inputs x to generate some output y a
As a consumer increases the consumption of any one commodity, marginal utility of the variable commodity must eventually decline."Illustrate the statement. Illustrate law of dem
REAL BUSINESS CYCLE THEORY: The parable that motivates this discussion originated with Edmund Phelps and invites you to think that all men (and women) are islands. They have p
What is the impact of microeconomics on economy?
how to calculate it given a functuion
Which firm has the greatest minimum efficient scale?
explain graphically Equilibrium of a multi product firm
how measure the inflation
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