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Suppose the demand for a particular product can be expressed as Q = 100/p.Calculate the total amount spent on this good when p = 10,20,and 50.Can you make a generalization about the mathematical form of this demand curve and consumer behavior in this market?
Guaranteed A Profit
An assurance that an investment or business endeavor will yield a positive return or profit.
Long Run
In economics, a period in which all inputs, including capital, can be fully adjusted, allowing firms to change their scale of operation.
Economic Profit
An economic profit occurs when the revenue generated from a business activity exceeds both the explicit and implicit costs associated with that activity.
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