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Long Run Average Cost (or LAC)
-Constant Returns to Scale
-Increasing Returns to Scale
-Decreasing Returns to the Scale
-In the long run:
-Long run marginal cost(LMC) leads long run average cost(LAC):
Question
-What is relationship between long run average cost and long run marginal cost when long run average cost is constant?
Uses of national income statistics: - It helps to organize economic data and activities. - It helps to classify economic activities into various segments or sectors. - It he
What is the theory of second best
The price of milk is usually much less expensive in a grocery store versus a convenience store. Using economic terminology, explain why people purchase milk at convenience stores.
Explanation
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CONSIDER THE DEMAND CUVE Q=100-50P DRAW THE DEMAND CURVE AND INDICATE WHICH PORTION OF THE CURVE IS ELASTIC ,WHICH PORTION IS INELASTIC AND WHICH PORTION IS UNIT ELASTIC
why diminish MRS?
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