How economics applies to issue by developing model of choice
Some people claim that the "economic way of thinking" does not apply to issue such as health care. Explain how economics does apply to this issue by developing a "model" of individual's choices.
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What are the optimal prices for each product if you sell these products separately? What are your firm's profits? Explain.
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The wage differential theory which argued that shifting resources from agriculture to manufacturing entailed positive social benefits implied that
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find the firm's optimal quantity, price, and profit (1) by using the profit and marginal profit equations and (2) by setting MR equal to MC.
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