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2. Suppose the price of printing paper for digital cameras has recently risen by 10 percent due to an increase in the cost of materials used in the finish for the paper. As a resu
what the company do?
Accounting profit equals revenue minus all explicit costs, and economic. One profit is defined it should not be difficult to measure the profit of a firm for a given period. But tw
what are the majotr sources of monopoly
Features of monopolistic competition: Large number of firms in the industry. There are many small firms each supplying only a small share of the total market output. Hence, no
Demand is defined as a schedule of the quantities fo good that will be purchased at various prices similarly the supply refers to the schedule of the quantities of a good that will
Recent developments in demand theory
Suppose that the price of schooling is $20 per year of schooling and it suddenly rises to $40. Compute the point price elasticity of demand at the initial price level and at the fi
is south african economic system more allocative efficient?
Marginal utility - It is the measure of the additional satisfaction obtained from consuming one additional unit of good. * Marginal Utility: An instance - The marginal u
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