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We can analyse the equilibrium of a firm under Perfect Competition in both the long run as well as in the short-run.
SHORT RUN EQUILIBRIUM OF A FIRM UNDER PERFECT COMPETITION
Under short period, firm can face four different situations depending on whether:
• AR< AC < AVC Shut down point
If the marginal product of L is MPL = 10K - L and the marginal product of K is MPK = 10L - K, then what is the maximum possible output when the total amount that can be spent on K
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explain williamsons model of managerial discretion?
In a one-shot game, if you advertise and your rival advertises, you will each earn RM5 million in profits. If neither of you advertises, your rival will make RM4 million and you w
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Meaning The word inflation has at least four meanings. A persistent rise in the general level of prices, or alternatively a persistent falls in the value of money.
A MATHEMATICAL APPROACH TO REVENUE AND COST FUNCTIONS Recall that TR = P x Q This implies that P(AR) = TR Q For example, assuming
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