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Explain the first-order condition of sufficiency of consumer. Sufficiency of Consumer’s First-Order Conditions This first-order condition is merely essential conditions for
Average Total Cost (ATC): ATC is the total cost per unit of output. ATC = TC/y = (TFC + TVC)/y = AFC +AVC ATC falls sharply at the beginning of the production process because
Uses of Balance of payments account: It removes the uncertainty associated with the flexible exchange rate regime and brings stability. It also indirectly imposes some anti inf
Fiat money is what is regular in modern economic systems. Fiat money is money that is described as legal tender by either a government or some organization with the authority to e
If the inverse demand curve is p=120-Q and the marginal cost is constant at 10, how does charging the monopoly a specific tax of r=10 per unit affect the monopoly optimum and the w
In theory, we know that a monopolist basis its price directly off of the demand curve, but in practice a monopolist cannot ''see'' the demand curve. Explain how a monopolist might
explain normal profits
what is budget line?show the shift in the budget line
Explain the detail central problem of an economy?
Inflation is not possible under the gold standard.” Is this statement true, false, or uncertain? Explain your answer.
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