Economics: Private and Public Choice
Economics: Private and Public Choice
16th Edition
ISBN: 9781337642224
Author: James D. Gwartney; Richard L. Stroup; Russell S. Sobel
Publisher: Cengage Learning US
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Chapter 21, Problem 13CQ
To determine

The difference between economic profit and normal profit.

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What stage of production is the increase in output that results from increase in a firm's outputs by some proportion? If the firm is operating efficiently, how can it reduce cost in the short run?
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Explain why an increase in the price of an input must typically cause an increase in the long-run total cost of producing any particular level of output.
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