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Normal profit:
Normal profit is when total revenue is exactly equal to total cost when the latter includes both explicit costs. It is the type of profit when made by firms in an industry does not attract new firms into the industry even when no barriers to entry exist. Existing firms also do not leave industry also. The firm’s profit then is equal to the implicit costs.
if the inverse demand curve is p=120-Q and the marginal cost constant at 10, how does the monopoly a specific tax of 10 per unif affect the monopoly optimum and welfare of consumer
traditional theory of cost
1. Explain externality, how can government intervene to achieve allocative efficiency in case of external cost or external benefit? 2. Explain oligopoly's structure and use game t
compare marginal rate of technical substitution and marginal rate of substitution
Direct and Indirect Benefits Life time earnings of an educated person is an instance of direct benefit from education. Skills produced in training or extension programmes in a
why raise MC cost after minimum level ?
Suppose Dlamini has R5 000 to spend on trousers and shirts. The price of trousers is R500 each and that of shirts is R312.50 each. 6.1 Use the information and calculate consumer eq
Movements of the demand curve itself, either to the left or right are known as changes in demand. A change in demand is caused by a change in one or more of the nonprice determina
Long Waves: Longer-term periods of stagnation or growth in the economy, that can last for a decade or more and reflect broader changes in technology, politics, and international re
Policy Implications: The expansion of the services sector has wider implications for population, employment, and trade prospects of the economy, some of which are as follows:
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