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Marginal revenue:
Marginal revenue is the change in total revenue with respect to a change in quantity sold. That is, it is the change in total revenue that results from the sale of one extra unit of the commodity. It is measured by dividing the change in total revenue ( ΔTR) by the change in quantity sold ( ΔQ). i.e.MR = ΔTR/ΔQ
Where ΔTR = change in TR = New TR – Old TR
ΔQ = change in Q = New Q – Old Q
Productivity:Generally, productivity measures efficiency or effectiveness of productive effort. Productivity can be measured in several different ways. Physical productivity measur
Negative profit FC + VC > R(q) MR > MC Indicates higher profit at the higher output - Question: Why is profit negative when the output is zero? - Outp
(a) Give an overview of the Concept of Land Economic (b) Provide a definition of Land/Economics (c) Discuss the origin of Land Economics (d) Modern and Traditional Land Ec
Ask question how do I find the Price
There are two individuals in town, one is high risk and the other is low risk. 1 The probabilities of having an accident for the low risk individual and high risk individual are p
1. Calculate price elasticity of demand and supply for the following functions when (a) P=8 and (b) Q=6. i. P= 40 - 0.5Q ii. Q= -40 + 0.75P iii
equilibrium price and output.
Discuss about the language and methods of mathematics in modern economics. Language and Methods of Mathematics: This section reviews some fundamental mathematics results
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given short run total cost curve :10q^2+4q=100 and short run marginal cost MC=20q+4 and market demand Q=100-p what''s the equation of the short run supply curve?
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