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Q. Show Normal profit equilibrium?
Normal Profits: With the condition of MC = MR and MC cuts the MR from below, if E is the point of stable equilibrium, output of firm is OM. produce this output, firm incurs an average cost ME, whereas it earns average revenue, that is also equal to ME. So, we see that the firm just makes a normal profit - i.e., its AR = AC. Because the total revenue earned and total cost incurred at output OM is OPEM, firm earns a normal profit.
Figure: Normal profit equilibrium
Q. Show the uses of income elasticity? A few significant uses of income elasticity are as follows: First, concept of income elasticity can be used to approximately compute t
Benefits are: 1) People can create their own decisions 2) The government has limited control, which is good for arrangement 3) Gives freedoms like Enterprise, ownership,
p=10, TC= 1000+2Q+.01Q^2, Q=?
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