Q1. Since the GDP is a total market value of final goods and services produced within a country over time. Why is this a reflection of this country's cost of living so varied making expenditures so hard to managing for a given time frame?
Q2. Does accounting profit or economic profit determine how entrepreneurs allocate resources between different business ventures.
Q3. If the price is $10 and marginal revenue equals marginal costs at $7 at a quantity of 400 lbs. If the firm's profit at that point is $800, find the average total cost.