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(a) Define and explain, using diagrams, consumers' surplus; producers' surplus and total surplus that a society can derive from production and consumption of a good at a particular price.
(b) Explain why these surpluses are maximised at the equilibrium output and price only in a purely competitive market.
State about Production theory Production theory assists in determining the size of firm and level of production. It clarifies the relationship between marginal and average cost
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principles of time perspectives
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