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Total cost curve (TC) is obtained by adding up vertically total fixed cost and total variable cost curves because the total cost is sum of total fixed cost and total variable cost it will be seen from that the vertical distance between the TVC curve and TC curve is constant throughout. This is because the vertical distance between the TVC and TC curves represents the amount of total fixed cost which remains unchanged as output is increased in the short run. It should also be noted that the vertical distance between the total cost curve (TC) and the total fixed curve (TFC) represents the amount of total variable costs which increase with the increase in output. The shape of the total cost distance always separated the two curves.
RECENT DEVELOPMENT IN DEMAND ANALYSIS: For many years economic theorists analysed the optimal behaviour of consumers while econometricians estimated consumer demand and expend
#question.hif indirect utility function is givenhow to derive the demand function .
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(a) Explain why the Pareto criterion does not provide a complete ordering of the ordinal utility space (b) The competitive equilibrium is the only allocation where the gain
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