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Profit: This is surplus left over after a company sells its output and pays off cost of production (which includes raw materials, labour costs and a proportional share of its capital equipment). Its calculation is: revenue - cost = profit.
What the definition of microeconomic
The market for labor can be studied use a supply and demand framework. The demand for labor is from employers who use labor to produce goods and services. The supply of labor is
americana is a small country that produces and consumes jelly beans. The world price of jelly beans is $1 per bag, americana''s demand and supply for jelly beans are governed by th
What is affected variable and cause variable? In a graph, one variable is dependant and the other is independent. The dependant variable is known as effect variable and indepe
politicians are often heard saying that tuition at state universities should be kept low to make equation equally accessible to all residents of the state, regardless of income
how to make a stand based on question?
Three People choose whether to contribute a fixed amount toward the provision of a public good. This good is provided if and only if at least two of them contribute. If it is not p
Graphical Representation of Various Returns: Diminishing Returns: If the TP curve is as shown in the adjacent Figure, then the MPL given by tanθ is throughout less than the A
discuss and illustrates the following terms with diagrams1.inferior goods.2.normal goods,3.giffen goods
Problem: i) What do you meant by the term ‘economic efficiency'? ii) By using appropriate examples differentiate between fixed and variable costs. iii) Consider different
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