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what is marginal cost
. Suppose fixed costs increase by $20. How will this affect TFC, TVC, TC, ATC, AVC and MC? Which numbers change and which stay the same?
Real Interest Rate: Interest rate on a loan, adjusted for rate of inflation. Real interest rate represents real burden of an interest payment. Real interest rates should be positiv
how to calculate it given a functuion
Risk Averse: - A person who prefers certain given income to risky income with same expected value. - A person is careful risk averse if they have a diminishing marginal ut
Review: Full, Anonymous: No Answer each of the following questions using economic theory covered in this lesson. 1. Marginal revenue product is defined as the change in total
What is the difference between 'concept' and 'assumption'? These two terms are very dissimilar. The term 'concept' refers to an idea or abstract principle. For instances, forc
so this question asks for the deadweight loss if an institution decided to provide this service free of charge. I was wondering if this will achieve the socially efficent level or
if a monopolist makes economic profits, new firms enter the market and compete with the monopolist in the long run.
Evaluation of the WTO: The WTO is different from and an improvement over the GATT in the following respects: • The WTO is more global in its membership. • The WTO ha
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