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What two developments are demanding new ways of looking at the economic world in the 21st century? What kinds of sustainability questions do they raise? Two developments that
A firm is currently operating where the MC of the last unit produced = $84, and the MR of this unit = $70. What would you advise this firm to do?
WHAT ARE THE COMPONENT OF ECONOMICS
Q. Explain about Natural Monopoly? Natural Monopoly: In some industries, economies of scale are so strong that it makes most economic sense for there to be just one supplier. T
meaning of average revenue
Explain how the price system eliminates a shortage. A deficiency means that quantity demanded is greater as compared to quantity supplied. This will lead to upward pressure on pr
When Stockwell Day was leader of the Canadian Alliance Party (which soon became the new Conservative Party) he wrote that "the national debt is mortgaging our children's future." A
Concept of Stock Replenishment This concept assumes that stock is always available whether there is demand or not. Consider the demand for constituent items, such as componen
. Suppose fixed costs increase by $20. How will this affect TFC, TVC, TC, ATC, AVC and MC? Which numbers change and which stay the same?
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