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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.
Explain why each of the following factors may influence the own price elasticity of demand for a commodity. The narrowness of the definition of the commodity
How to start Economics Introduction assignment?
In a small rural town, 150 people would like to be employed (this is the supply of labor). In order to make profits, capitalists hire some of these workers to produce grain. Those
do you think that dimnishing returns to a factor are consistent with increasing returns to scale? explain with suitable diagram and reasoning.
What are the most important challenges that economists try to address? (ii) What is the role of government in a market based economy? (iii) Who are the main economic players and w
A country s choice among the production of education and nuclear submarines is an issue of opportunity cost. Explain the issue using a PPF. Resources are limited whereas
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What are the two types of government cash transfer programs in the U.S., used to help households achieve income security? Provide examples of each. The two kinds of government
Marginal rate of technical substitution in the theory of production is similar to the concept of marginal rate of substituent to in the indifference curve analysis of consumer dema
project work
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