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Normal profit, Normal profit: Normal profit is when total revenue is e...
Normal profit: Normal profit is when total revenue is exactly equal to total cost when the latter includes both explicit costs. It is the type of profit when made by firms in
Elasticity of demand, the price of a laptop increases by 20% and there is a...
the price of a laptop increases by 20% and there is a 40% drop in the quantity demanded
Determine the exchange table, Suppose an economy has four sectors, Agricult...
Suppose an economy has four sectors, Agriculture (A), Energy (E), Manufacturing (M), and Transportation (T). Sector A sells 10% of its output to E and 25% to M and retains the rest
What is black economy, Defining black economy, If you pay your cleaner or ...
Defining black economy, If you pay your cleaner or builder in cash or for some reason neglect to tell the taxman which you were paid for a service rendered, you participate in the
Determine the profit function and profit maximizing value, Yuen, a travelli...
Yuen, a travelling salesman for snake oil, can produce the stuff at a marginal cost of 1. There are 100 potential customers in Vernon, each of whom has the following demand functio
What is hicksian demand function, What is Hicksian demand function? Hic...
What is Hicksian demand function? Hicksian Demand Function: The solution of expenditure function that is the function of (p, u) is denoted by h(p, u) and termed as the Hicks
Basic calculus technique, Suppose that the total revenue function of a firm...
Suppose that the total revenue function of a firm is given by TR(q) = 120q - 2q^2, where q is the level of output. Find the level of output q that will maximize the firm’s total re
Demand curve, how does the charging the monoply a specific tax per unit aff...
how does the charging the monoply a specific tax per unit affect the monopoly optmum and 5the welfare of consumer
Determine comchip optimal output, You are the CEO of Comchip, a firm that s...
You are the CEO of Comchip, a firm that sells specialized computers. Each of the firm's computers contain a unique chip that is produced at Comchip's west coast plant at a cost of
Free trade, is country beter off with ban on imports?
is country beter off with ban on imports?
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