Q. Assume an industry has total revenue of $200 million, explicit costs of $190 million also implicit costs of $20 million. This industries accounting profit is Illustrate what?
Q. If a large-scale war resulted in massive destruction of physical facilities, but not loss of life, Illustrate what would you expect to occur to MPK also MPL
Q. Please briefly describe the effect of the tax increase on equilibrium real GDP also the equilibrium price level. Will the changes in equilibrium real GDP also the price level is larger or smaller than they would be if the tax increase affected only aggregate demand?