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What is average revenue and average revenue curve
Average Revenue: The average revenue is the total revenue separated by the level of output. It is therefore the price.
Average Revenue Curve: A curve which plots average revenue. It is equal to the demand curve. The shape of the average revenue curve will depend on the situation the firm is in. If the firm has price setting power then the average revenue curve (demand curve) will be downward-sloping. If the firm is a price-taker then the average revenue curve will be horizontal and the similar as the marginal revenue curve.
Explain Monetarist and Monetary policy Monetarist: A group of economists who believe that alters in the money supply are the most effective instrument of government economi
Elasticity is a term broadly used in economics to signify the “responsiveness of one variable to changes in to another.” Types of Elasticity can be explained as follows: Th
what is the homogeinity of demand function wrt prices and income
What is paramagnetic?
#explain bains theory of limit pricing theory
With the recession, average incomes have fallen from $44,375 to $41,720. Before the recession Groucho's Gizmos sold 600 gizmos a month. As an economics, predict the number of gizm
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
Differentiate between firm and industry. A firm is a business unit produced for the purpose of carrying out some kind of trading activity. The term "firm" is used in many ways
The plant cell when placed under hypertonic medium loses a great quantity of water and its cell membrane detaches from the cell wall. In that situation the cell is known as plasmol
advantage dis advantage of pure monopoly
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