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Which of the following statements is true?
a. economic profit equals accounting profit minus implicit costs
b. the short run is any period of time in which there is at least one fixed input
c. a fixed input is any resource for which the quantity cannot change during the period under consideration
d. in the long run there are no fixed costs
e. all of these.
Suppose arm's demand curve is given by P = 120? Find the (value of) price elasticity of demand (point elasticity) for the demand curve when the price is $100. Is demand elastic or
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EXPLAIN ANY FIVE USES OF NATIONAL INCOME STATISTICS
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explain the terms abnormal profits and normal profits
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Suppose that a grocery store buys milk for $2.10 and sells it for $2.60. If the milk gets old then the grocery store can sell their unsold milk back to their wholesaler for $0.60 (
Explain the economy automatic stabiliser A budget deficit is shortfall between a government's tax revenue and its spending in a given year. If a government runs a budget defici
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