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Economies of Scale
illustrate a long-run equilbrium using diagrams for the gold market and for a representative gold mine
What is the expected profit?
use of diagram how the price mechanism operates to allocate scarce resources. use examples to illustrate the answer.
determination of interests rates in classical system
What is snob effect
Problem : (a) Describe the law of demand and the factors affecting demand. (b) llustrate and Explain how demand of a commodity will change if there is a tax on that product
#i need more light about it..
Explain how normal profit and abnormal profit differ. Normal profit (breakeven) - which must contain commentary on the inclusion of opportunity costs. Abnormal profit should be
if a commodity has limited demand , should economist say that we still have a scarcity ?
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