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Write short notes (i. e. 3-5 sentences and use relevant examples and graphs to illustrate these concepts) on the following concepts:
(a) total variable cost
(b) production function
(c) binding price ceilings
(d) producers’ surplus
(e) demand schedule
(f) a movement along a demand curve
(g) explicit cost
(h) intellectual property rights
(i) normal profit
(j) relatively inelastic supply
(k) economic profit
(l) accounting profit
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Answers: 3
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Write short notes (i. e. 3-5 sentences and use relevant examples and graphs to illustrate these conc...
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