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What is the use of long-run average total cost curve in the producing output?
The long-run average total cost curve demonstrates the relationship in between output and average total cost while fixed cost has been selected to minimize average total cost for every level of output.
Short-Run and Long-Run Average Total Cost Curves
Statics and Dynamics Economic models deal with stock and flow variables. These variables can be in one of the two states - equilibrium or disequilibrium - at a particular poin
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define business cycle
The demand equation for champagne is given by P = 10 - Q. The supply schedule for champagne is given by P = Q. Note that P denotes price per bottle in dollars, and Q is quantity me
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What factors shift out the PPC and what is the opportunity cost of the economy moving out to get back on the PPC? Explain?
Suppose you are the production manager for Widgets, Inc. Your job is to produce a fixed amount of output at the lowest cost possible. When you take over the position, you find that
A student is taking two courses, History and Math. The probability that the student will pass the history course is .60, and the probability of passing the math class is .70. The p
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