ECON MICRO
5th Edition
ISBN: 9781337000536
Author: William A. McEachern
Publisher: Cengage Learning
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Question
Chapter 7, Problem 1.4P
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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Question:
What are the kinds of cost which firm face in short run. Explain theoretically and graphically the relation of these costs with the output.
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