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In the purely competitive analysis, there were two dissimilar models, one model for the industry, in which the interaction of supply and demand recognized the market price and quantity. The second model was that of the firm, the firm faced a perfectly elastic demand curve, in which demand, price, average revenue and marginal revenue were all the similar. Though, in the analysis of a monopoly there is but one model. The firm, in monopoly, is the industry (by definition). Because the firm is the industry it thus 180 faces a downward sloping demand curve, which is also the average revenue curve for the firm (as the industry).
Current Cropping Pattern: It is evident from these data that foodgrains constitute the most dominant crop group that is cultivated in India. It is estimated that total croppe
what are the main properties and assumptions of indifference curve
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explain how microeconomic and macroeconomic issues may be represented using the production possibility curve
1. Suppose that Mr. John has the following Cobb-Douglas utility function U = 6X^2/3y^1/3 the market price of X and Y commodity are $1 and $2, respe
how a firm will choose its optimal inputs, isocosts and isoquants explanation
Identify the four essential economic activities. The four main economic activities are: a) resource maintenance, b) production, c) distribution, and d) consumpti
when the demand function is 2q-24+3p=0,find marginal revenue when q=3
Production Function Models
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