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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.
Advantages of Division of labour: Division of labour has advantages including the following: Development of Greater Skill by the Worker In division of labour, each
What is the expected profit?
What have been some justifications given for the historical exclusion of household production from the national accounts? Some reasons have included: a. households are not p
1.A firm producing Golf sticks has a production function given by Q=2v(K L) In the short run, the firm’s amount of capital equipment is fixed at k = 100. The rental rate for k
Draw the suitable graph for each situation and describe a real world situation in health care in which the market structure utilized in the question may exist. Demand: P=6,000-0
explanation of sources of finance to business enterprises in Nigeria
demand for two market are P1=15-Q1&P2=25-Q2.the monopoly TC is C=5+3(Q1+Q2).What are ,output,profit&MR if the monopolist can price disc? riminate
Why were there not any sustained increases in material productivity of human labor back before 1500? Since improved technology quickly ran aground on resource scarcity. As huma
what do we mean by The narrowness of definition of the commodity.
what is the basis of marginal utility
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