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1. Through graphs describe the relationship between the price, P, and the average total cost, ATC, for a firm in perfect competition when it earns an economic profit; earns a normal profit/ zero economic profit and; incurs an economic loss? Why can't the firm continue making economic profits in the long run?
2. a. To maximize utility, why does a consumer consume the combination of goods that equates marginal utility per dollar from the different goods rather than just equating the marginal utility of the different goods?
b. Why does gold, which is a relatively nonessential item, have a higher price than water, which is essential to life?
Profits University creates student credit hours (y) with two inputs: Professors' hours of work (x1) and TAs' hours of work (x2) according to the manufacture function: f(x1,x2)= 10x
The concept of opportunity cost occupies a very important place in modern economic analysis. The opportunity cost of any good is the next best alternative goods that are sacrificed
what is the profit maximising quantity of L
#suppose EEPCO is amultiplant monopolist with two plants: Gibe plant and Fincha plant. The operating costs of the two plants are: Gibe plant Tc1=10Q^2 and Fincha plant TC2=20Q^2.
How we constract the cost structure of firms
The following model shows the consumption function given: Ct = AD t β 2 Where A and β 2 are unknown constants and D is disposable income. (a) Show how by taking logari
EXCEPTIONAL SUPPLY
Another school of thought developed what is called loanable funds theory of interest. Among the principle economists who contributed to the development of loanable funds theory men
#question.hif indirect utility function is givenhow to derive the demand function .
Outline the possible negative effects of import-substitution policies. Define and outline import-substitution; focus on reducing domestic reliance on imports by implementing hi
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