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Profit: This is surplus left over after a company sells its output and pays off cost of production (which includes raw materials, labour costs and a proportional share of its capit
Total cost curve (TC) is obtained by adding up vertically total fixed cost and total variable cost curves because the total cost is sum of total fixed cost and total variable cost
Explain the detail central problem of an economy?
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Consumer Choice * Decision making & Public Policy - Selecting from a non matching and matching grant to fund police expenditures
Returns from Education Monetary benefits from education are called as returns. Such benefits accruing to an individual are called as private returns. The sum of all private re
Derivation Of Ordinary Demand Function: Suppose, and q 1 = (Q 1 1 , Q 2 1 ,..., Q n 1 )T. Let M0 be the money income and p 0 q 0 = M 0 and p 0 q 0 ≥ p 0 q 1 , where p
Which of the following is evidence of market power? a. Output is fixed despite cost changes b. Optimal Output is less than industry output c. Output changes as cost changes
what is the importance of law of supply
Tariff: A tariff is a tax imposed on the purchase of imports. It is generally imposed in order to stimulate more domestic production of the product in question (rather than meeting
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