1.

(a) Apply the geometric method to determine the elasticity of supply at point L on the supply curve SS given above. (b) Jusify the statement, 'In economics, normal profits are always a part of total cost'.

Answer»

(a) Apply the geometric method to determine the elasticity of supply at point L on the supply curve SS given above.

(b) Jusify the statement, 'In economics, normal profits are always a part of total cost'.



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