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What is the role of profits in a market economy?
Profits act as an incentive to producers and potential entrepreneurs, and also as a signal to both that resources may be re-allocated advantageously. Profits also enable (re-)investment, innovation, R&D, incomes and give a taxable base.
Given the following demand and total cost functions for a firm P = 4500 - 0.5Q 2 TC = 1.5Q 3 - 50Q 2 + 1000 i) the marginal profit function
illustrate and discuss implications of various market structure(non competitive and competitive) for price determination
What is elasticity of supply
1
why constant return to scale is important
Production with Two Variable Inputs * There is relationship between productivity and production. * Long run production K& L are variable. * Isoquants analyze and compa
Wholemark is an Internet order business that sells one popular New Year greeting card once a year. The cost of the paper on which the card is printed is $0.50 per card, and the cos
use of diagram how the price mechanism operates to allocate scarce resources. use examples to illustrate the answer.
#queUse a graphical illustration to describe briefly what the influence of each of the following would be on the market supply of labor:(a) an increase in immigration (b) more wome
Question 1: Tourism is often seen as a way of generating income, particularly foreign exchange. The economic spin-off effects are viewed as the most important aspect of touris
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