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Economics (1,591)
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Paul Cohen (11)


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Paul Cohen

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October 1, 12 Economics Revenue = p*q Inelastic eg –airlines can increase revenue because quantity won’t change. Elastic eg tennis balls – lower price quantity demand raises revenue raises Law of supply Marginal opportunity cost is additional costs, change with circumstances Sunk costs are costs that have already been paid so they cannot be recovered. Marginal opportunity costs PPF graph – because of the difference in skills of labor increase in marginal opportunity costs 16 14 12 10 quantity of finger nails 8 Series1 6 4 2 0 0 1 2 3 4 5 6 piercings quantity Quantity supplied goes up as price goes up Price willing to accept quantity supplied $20 1 $40 2 $60 3 Market supplied sum of supplies of all business willing to produce product service Law of supply if t
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