(a) Ime the firm produces lo homic profit be po Explain. (b) If the firm charges $36, should this firm increase its price, decrease its price, or keep the price at $36 in order to maximize its total revenue? Explain. (c) If the firm increases its price from $36 to $42, does the deadweight loss increase, decrease, or remain unchanged? Explain.

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Q: the quantity of a good or service which consumers want and have the ability to purchase

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.