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For the purposes of economic analysis, a normal profit contains the cost of the lost opportunity of the next best option allocation of the firms resources. In a purely competitive
Ask quesThe market demand for brand X has been estimated as Qx = 1,500 - 3Px - 0.05I - 2.5Py + 7.5Pz where Px is the price of brand X, I is per-capita income, Py is the price of
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Ask quAsk qIf the supply and demand curves for labor are represented by the following equations: Wd= -- (1/100)Ld + 30 Ws= (1/200)Ls Ws=Wd Ld=Ld a. Graph the results and show the
what is price elasticity of demand ? write briefly with explaining it''s type.
Definition of Pareto Optimal Allocation
Criteria of a Good Forecasting Method: 1. Simplicity : and Ease of Comprehension: Management must be able to understand and have confidence in the techniques used compli
What are externalities? Give an example of positive and negative externality and explain why the market outcomes are inefficient in the presence of externalities?
construct your own version of a production possibility curve and use it to explain scarcity, opportunity cost and choice
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