Varied making expenditures

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Q1. Since the GDP is a total market value of final goods and services produced within a country over time. Why is this a reflection of this country's cost of living so varied making expenditures so hard to managing for a given time frame?

Q2. Does accounting profit or economic profit determine how entrepreneurs allocate resources between different business ventures.

Q3. If the price is $10 and marginal revenue equals marginal costs at $7 at a quantity of 400 lbs. If the firm's profit at that point is $800, find the average total cost.

Reference no: EM135906

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