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Q. Explain Supernormal Equilibrium?
Supernormal Equilibrium: E is the point of stable equilibrium as MC = MR and MC cuts the MR from below.
Figure: Supernormal Equilibrium
This is point the firm produces OM amount of output. To produce this output, firm incurs an average cost of MF, whereas it earns average revenue of ME. Because at equilibrium ME > MF, firm makes a profit of FE per unit of output sold. Again, because the total revenue earned when OM is sold is OPEM and total cost incurred to produce same output is ORFM, total profit earned at that level of output is RPEF.
types of elasticity
Marginal Revenue (MR) This is the increase in Total Revenue resulting from the sale of an extra unit of output. Thus, if TR n-1 is Total Revenue from the sale of (n-1) units
100 schools are given exactly one million dollars each in grant money. They can spend the money on any or all of three programs: math tutoring (math), kickball lessons (kickball),
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Question 1: Explain the central theme of Scientific Management. Do you think that the scientific management enhances productivity in the organization? Give your arguments.
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Suppose that the government is the only provider of water. The market demand function reads D: Q(P) = 50 - 2P. The government''s total cost for producing water are described as fol
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