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Forest Resources
This is the category of land for which common property rights may exist is land under forests. Unclassified forests, with very low productivity, are always open to use by local communities: Accordingly, both protected and unclassified forests are treated as forming a part of common property forest resources.
It is, therefore, the subset of total forest area minus reserve forests to which common property rights are assumed to exist.
Long run equilibrium - Perfect competition: In the long-run, on the other hand, the firm in perfect competition is making normal profit or zero economic profit as shown in Fig
what makes it differ from other market structures
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Andrew has preference given by: u(x,y) = min{2x, 3y} The price for good x and good y are identical and equal to 4. At his optimal consumption bundle he achieves a utility of 90. W
thoery explanation
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arguments in favour and against of Theory of Profit Maximization
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