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Evaluation of the WTO: The WTO is different from and an improvement over the GATT in the following respects: • The WTO is more global in its membership. • The WTO ha
Difference between accounting profit and economic profit: The difference between accounting profit and economic profit is that economists include in total cost of production b
Production Function Models
Question: Third degree price discrimination Suppose that a monopolist faces two markets with demand curves given by D(p 1 ) = 100 - p 1 D(p 2 ) = 100 - 2p 2 Assume that
Indirect Utility Functions: Let qi denotes commodity i and pi is the price of that commodity. Let y denotes money income of the consumer. Suppose vi = pi/y. The budget constra
discuss utility
whit is mean super normal profit
Effect of Gasoline Tax with Rebate Assume -Income = $9,000 - Price of gasoline = $1
discuss how cross of demand is useful in categorizing commodities
Some Cost Considerations for Managers * Three guidelines for estimating the marginal cost(MC): 1) Average variable cost should not be used as substitute for the marginal cost(
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