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SHORT-RUN EQUILIBRIUM
All firms are assumed to aim at maximizing profits or minimizing losses. The monopolist controls his output or price, but not both.
The monopoly maximizes profits where: MR = MC (the necessary condition of profit maximisation)
He cannot produce at less than Qo because MR will be greater than MC. The monopolist will determine his output at Q Xo and set the price at Po and his total Revenue is OQo X OPo and the to total cost will be OCo X bQo and abnormal profits Po CO AB
The Spendthrift Economy This assumes a circular flow of income in a closed economy with no Government sector and no foreign trade. It also assumes the existence of two sect
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Convertible National Currencies Currencies are convertible when holders can freely exchange them for other currencies. There are several advantages in using a particular natio
Q. What is Internal Diseconomies of Scale? Internal economies of scale exist only up to a certain size of the plant. Size of plant is called the optimum plant size since with t
Let there be two consumers A and B, each buying at most two units of a good. A values having one unit at £10 and having two units at £12 whereas B values having one unit at £8 and
Jane, the manager of a company manufacturing air-conditioning units can choose between two production technologies for a new product line. If she chooses and installs technology 1,
Monetary policy The problems concerning the ability of monetary policy to influence the economy, as for instance the doubts about the ability of lower interest rates to st
what does it mean?
Q. Explain about Utility analysis? A subset of consumer demand theory which analysis consumer behaviour and market demand employing marginal utility and total utility. Key prin
Fall in Supply When the supply falls, the supply curve shifts to the left to position S 1 S 1 . At the initial equilibrium price P 1 , quantity supplied falls from q 1
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