Econ Micro (book Only)
6th Edition
ISBN: 9781337408066
Author: William A. McEachern
Publisher: Cengage Learning
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Chapter 7, Problem 4P
To determine
To Determine: The reason for considering the normal profit as a type of cost to the firm.
Concept Introduction:
Normal profit is the minimum return which is necessary to keep the firm running.
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17. Given that C=$700+0.8Y, I=$300, G=$600, what is Y if Y=C+I+G?
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