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How the above would apply to non-renewable resources such as oil.
This has general applicability to any competitive market. The issue here is that potential supply has a finite limit and that ever-lower reserves of oil mean scarcity higher price → incentive for suppliers to find additional reserves. It also means that the rationing function will kick in; higher price→ consumers will reduce quantity demanded and look for substitutes.
what is profit maximization..
what is market economy and how it solve the central problem
WHAT IS PPC
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give assumption, rules/formulas and demonstrate that ramsey prices are the seconnd best pricing. explain clearly.
Question You are the COO at PineApple, a company that produces notebook computers for business people. The company has just developed a new model - Pbook. For production of P
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