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Use division to write the rational function in the form q(x) + r(x) /d(x) , where the degree of r(x) is less than the degree of
d(x) . Then find the partial fraction decomposition of r(x) /d(x) .
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Economic Profits
Profits exceeding the opportunity costs of all resources employed, indicating above-normal returns.
Purely Competitive
Another term for perfectly competitive, describing a market with no single buyer or seller able to influence prices.
Demand Curves
Graphical representations of the relationship between the price of a good and the quantity demanded by consumers at various prices.
Elastic
Describes a situation where the quantity demanded or supplied changes significantly when the price changes.
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