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1. Explain how agricultural price supports work and what the effects of the supports are.
2. What are the effects of an increase in the minimum wage? who would be most affected?
short answers
Suppose as a manager of a profitable department store you are con-fronted with a pricing problem. You have two types of customers: a high-end type that are willing to pay a pr
If a firm’s short-run average total cost function and its short run variable cost function satisfy: SAC(200, w, r, K) = 16, SAVC(200, w, r, K) = 12, SAVC(400, w, r, K) = 16, a
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