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Types of externalities
who is a rational producer?
• Production Function . The factors of production have to be combined in a particular manner to produce a certain product. Think of baking a cake which involves mixing fixed propor
A monopolist faces the inverse demand for its output: p = 30 – Q The monopolist also has a constant marginal and average cost of $4/unit. The government is seeking ways to collect
"Take a monopolist with a constant average cost. The higher is the elasticity of demand at the chosen monopoly price, the higher is the monopolist's profit-to-revenue ratio." Expla
use of diagram how the price mechanism operates to allocate scarce resources. use examples to illustrate the answer.
Socio Economic conditions of country also affect the sales forecasting. They may include total national income per capita income standard of living of the masses, education, inflat
concept of narrowness in pure economics
illustrate and discuss the implications of various market structures (competitive and non-competitive) for price determination
what is comparative advantage
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