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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.
Social cost: Social cost of production refers to the cost incurred by a society when its economic resources are used to produce a given commodity. The usage of a society’s res
Explain the factors which would affect the price of a good. As there is a very long list of determinants, the basic issue is for the student to describe and illustrate how shif
#question influence of an increase in migrant on market supply labour
What is the conditional mean: For every AR(1) model below: a. Do a three-period ahead forecasting using the given initial values and statistics. Write a 95% confidence int
Aska) Summarize the basic tenets of the arguments in thiscase b) Do you agree with main tenets of the arguments in the case? Why? Justify your answer with detailed explanations.
Determine the Profit-Maximizing Price If a firm targets a 25 % rate of return on sales, and has unit costs of production of $100, what price should it charge if it uses cost-p
#question meaning ..
Banks: A company which accepts deposits and issues new loans. It makes profit by charging more interest for loans than it pays on deposits, and through several service charges. By
Determine the Cost Efficient Levels of Emissions Reduction Two firms produce a pollutant called Q. The total cost of reducing emissions of Q are as follows for Firm 1 and Fir
Question 1: i) Elaborate on the different types of price discrimination that a monopolist may use and what are the required preconditions for its application? ii) What dete
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