1. With the aid of a diagram, explain the income and substitution effects of a price change 2. With the aid of a well labelled diagrams, explain how a profit-maximizing firm operating under perfect competition adjusts from short run to long run squilibrium

1. With the aid of a diagram, explain the income and substitution effects of a price change 2. With the aid of a well labelled diagrams, explain how a profit-maximizing firm operating under perfect competition adjusts from short run to long run squilibrium

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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