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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.
Socio Economic conditions of country also affect the sales forecasting. They may include total national income per capita income standard of living of the masses, education, inflat
Determine the Returns to Scale Use the following production function and budget constraint to answer the questions below. Q = L + K 1000 = 2L +
if the inverse demand curve is p=120-Qand the marginal cost is const ant at 10 ,
What is methodological economics? how its significance, Describe use of methodological economics...
draw the demand curve,when there is rise in the price of a product on the demand of the product
Suppose you are a painter, and the price of a gallon of paint increases from $3.00 a gallon t $3.50 a gallon. Your usage of paint drops from 35 gallons to 20 gallons a month. 1. Co
. Keep slope of supply constant and apply different slopes of demand curve and then show what happens if control price impose. Similarly, keep demand curve constant and apply diffe
Using the key distinguishing features of any market structure describe the market structure for the South African mobile telecommunications industry
WHAT IS OPPORTUNITY COST
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