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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.
scope of microeconomics
Plss explain bains limit pricing theory.
a) Consider the following flows (in thousand of people) between the various labour market states in a particular month: UE = 240 000; UNLF = 180 000; EU = 190 000; NLFU = 220 000
What are the causes of inflation? Define inflation as a steady enhance in the general price level. Then, there are, well, two and a half basic reasons: 1) Demand-pull infla
Perfectly Competitive Markets * Characteristics of Perfectly Competitive Markets 1. Price taking 2. Product homogeneity 3. Free entry and exit * Price Taking
sources of oligopory
a) Explain the perverse incentive. b) What makes the incentive perverse? c) How could the incentive makers better the incentive?
Is it possible for a firm to be both Price taker and price maker? A firm can either be a price taker or a price maker. It cannot be price maker and price taker at the similar
ADMINISTRATIVE REFORMS - ECONOMIC POLICY: During the last few decades, phenomenal changes are taking place at a fast rate in the field of science and technology as well as in
Duality Theorems: The relationship between the direct and indirect utility functions may be described by a set of duality theorems. The following illustrative theorems are pro
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