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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?
Since 1990, real income has increased rapidly , yet the average number of children per family has decline ." Three possible explanations for this process are given below.
I am having a hard time figuring out how to find marginal product.
contemporary issues in microeconomics in nigeria
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