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explain abnormal profits and normal profits
sylos labini model of limit price
Average product and marginal product: Average product (AP) is the output per unit of the variable factor employed. In other words, it is the productivity of the variable facto
data of past 20 years regarding price, wage, employment, productivity, investment, profit or loss.
Low levels of productivity: In addition to low standards of living, developing countries are characterized by relatively low levels of labour productivity. Throughout the dev
a. Referring to the table below and using the "Rule of 70," comment on long-term changes in the standard of living in the United States? b. Would you rather live in the Unite
to what extent are interest rates determined by the economic theory
National income accounting: Final Goods: Final goods are goods and services which are being purchased for final use and not for resale or further processing or manufacturing
what are the limitations of economies of scale?
Suppose you are a painter, and the price of a gallon of paint increases from $3.00 a gallon t $3.50 a gallon. Your usage of paint drops from 35 gallons to 20 gallons a month. 1. Co
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