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TC(Q) = Q2+3Q+20.
a. Explain if this cost function satisfy law of diminishing returns.
b. Let p = 33 be the firm's demand function. How much should this firm produce to maximize its profit?
Most countries use a combination of markets and government intervention to solve the economic problem of how much to produce and consume.
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The 1st way is simply to utilize the price of the product in the exporter's home marketplace as the fair marketplace value.
In a world of perfect information, if consumers could costlessly contract with private contractors to produce a good and there were no economies of scale,
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Define both fiscal and monetary policy. Describe how the government uses each policy if the economy is too hot and inflation is rising rapidly.
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