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Q. Home"s demand curve for wheat is D=100-20P. Its supply curve is S=20+20P. Derive and graph Home"s import demand schedule. Illustrate what would the price of wheat be in the absence of trade?

Q. A firm sells a product in a purely competitive market. The marginal cost of the product at the current output of 800 units is $3.50. The minimum possible average variable cost is $3.00. The market price of the product is $4.00. To maximize profit or minimize losses, the firm should:

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9277815

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