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Given an estimated monthly demand function for avocados of Q = 104 - 40p + 20pt + 0.01Y, show how the demand curve shifts as per capita income, Y, increases from $4,000 to $5,000 per month. (Note: The price of tomatoes, pt, is $0.80.)
Business Management, Management Studies
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Explain, using diagram(s) what is a normal profit and why would someone want to keep their business running when they are making a normal profit.
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