which economist profounded the innovation theory of the profits in economics

Q: 3. Problem Solving. Given the demand equation for chocolate bars Q = 1,600 – 300P and the supply…

A: Note:- Since we can only answer upto three subparts, we'll answer first three. Please repost the…

Q: Explain why firms come into existence, and give some examples of why some of them go out of…

A: In perfect competition, profit is: π=TR-TC Breakeven point is where TR and TC are the same (zero…

Q: Which of the following statements do you think reflect sound economic thinking? Explain your answer.…

A: Economic thinking is a way of analyzing economic phenomena. It is a process of examining the choices…

Q: What is this collusion? The subject is principal of microeconomics.

A: Collusion is a strategy generally formed when there are few firms in the market to take extra…

Q: What does it mean when you compare allocative efficiency to worker efficiency? What are the…

A: Worker efficiency is defined as producing goods and services for all-time low cost. Productive…

Q: Define productivity efficiency and allocative efficiency. What conditions must be met in order to…

A: Productive efficiency takes place when production of the optimal combination of output is achieved…

Q: what is demand in micro economics

A: Demand is the number of consumers who are able and willing to purchase goods at a range of prices…

Q: . Why do firms exist in a market economy?

A: In a nation, the processes of production and sale and purchase all take place in what is called a…

Q: What "Economic profits are positive or negative " mean in terms of opportunity cost?

A: Opportunity cost defines the value of the next best choice that is given up when making a choice. It…

Q: Linguini and Colette consume only éclair (x1) and profiterole (x2). Linguini has utility function U^…

A: (g) In general equilibrium, at the equilibrium allocation; MRSA=MRSB=Price…

Q: what is entrepreneur? in your own words essay

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Q: QUESTION 13 For normal preferences, what happens to the MRSXY as an individual consumes more of good…

A: The economic law of diminishing marginal utility asserts that as the units demanded of a commodity…

Q: QUESTION 18 Use the data in the following table to answer the question. Output Total cost (Units)…

A: Question 18 TFC = TC at 0 level of output TVC = TC - TFC AVC = TVC/Output ATC = TC/Output Now,…

Q: What factors contribute to achieving allocative efficiency in a competitive market, and how does it…

A: Allocative efficiency refers to how resources are distributed optimally in a market. It means that…

Q: What are the merits of inductive method? Briefly discuss what are the shortcomings of this method in…

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Q: 3. Price controls in the Florida orange market The following graph shows the annual market for…

A: The equilibrium is a state in which economic forces like supply and demand are balanced and the…

Q: How does competition arise out of scarcity? Give an example.

A: Scarcity refers to the limited availability of resources than the required level.

Q: How does competition arise out of scarcity?

A: The problem of scarcity is inherent in every economy because resources are limited in every economy…

Q: 40 What is the opportunity cost of an action that increases fish production from 20 to 30?…

A: The choice bundles have been given in the columns. The producer can produce 65 units of corn and 20…

Q: What is the meaning of micro economics

A: Economics is the study of how the scarce resources of society are exploited. Economics is a social…

Q: Saxxon Fifth Avenue's production function is given by Q = L+ K. Let w = 1 and r = 2 be the prices of…

A: The production function is the maximum amount of output which can be produced with the given amount…

Q: The rule of equating marginal benefit with marginal cost is proper for economics. Is this true?

A: The deep insight of the principle of microeconomics also has a field of environmental economics.…

Q: What is the major difference between microeconomics and Marcoeconomics.

A: Economics is categorised in two category microeconomics and macroeconomics. Individual and corporate…

Q: What is the profit potential?

A: Profit potential is the difference between the expected revenue and the overall cost of the product.…

Q: What is Cost Competitive Advantage?

A: Competitive advantage is a set of different features of a company and the products that it produces…

Q: Explain different types of competition and  also state why is competition good for the consumer from…

A: Competition in economics imply a scenario in which various economic agents like buyers or sellers,…

Q: What are the aims of science as a cognitive enterprise?

A: The philosophy of science is the study of science as a cognitive enterprise, i,e; a knowledge…

Q: What is the Importance of Micro-economics. Or Write a short note on the importance of micro…

A: In economics, the problem of scarcity which is universal in nature is studied and addressed. Because…

Q: The market for movies has two segments, adults and senior citizens. The demand curve for movies by…

A: Demand function for Students : P = 20 - QA               QA = 20 -P Demand function for Senior…

Q: A competitive industry consists of 6 type A firms and 4 type B firms. Each type A firm operates with…

A: