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(i). A firm's costs are 500 when output is 100. If the TC function is linear and fixed cost (FC) are 200, find the marginal cost when Q = 4, 5 and 6. (ii). The following are est
What are the advantages of leaving the allocation of a countrys resources to the price mechanism? Ans) The main conditions needed are: 1. Either a finite number of agents or pr
discuss how economic theory of marginal utility explains the optimum pattern of consumption for an individual consumer
In an essay of at least four well-developed paragraphs, discuss U.S. economic policy. Be sure to include the following information in your essay: Compare and contrast the economi
(i) When the demand function is 2Q - 24 + 3P = 0, find the marginal revenue when Q=3. (ii) Given the demand function 0.1Q - 10 +0.2P + 0.02P2 =0, calculate the price elasticity of
how to look a graph in different kind of ppc in the graph when we see
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.
If one person can produce 1 fish and 10 oranges per hour and works 5 hours a day.another person can produce 2 fish and 20 oranges per 2 hors and works 8 hurs a day then who has the
The Industry's Long Run Supply Curve * The Effects of Tax - Earlier we studied how firms respond to taxes on an input. - Now, we will consider how firm responds to tax o
Estimating Labour Productivity by Economic Sector for Target Year and its Change between Base and Target Year Contribution of each sector to GDP is known. The contribution of
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