# 34.4 How trade policy is enacted: globally, regionally, and  (Page 13/15)

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• Card 13 / 15:
economic union

economic agreement between countries to allow free trade between members, a common external trade policy, and coordinated monetary and fiscal policies

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suppose the firm fixed cost is known to be 3\$ will the firm be earnings positive negative or zero profit?
at which run long or short
Eugene
long run
FIREW
please you can do the calculations
FIREW
what is the variable cost
Eugene
send me the variable cost
Eugene
9\$
FIREW
firew...you need Total Cost(fixed cost plus variable cost) and Total Revenue (output × price) to be able to know if profit is negative, positive or zero.
Che
Total cost is what
Eugene
and revenue
Eugene
eugene...Total cost is a sum of all the costs encure in production(
Che
so revenue is what
Eugene
Total Revenue is your total output multiplied by the price you intend to sell the product. i.e if you know what you have spent in production and subtract it from the amount you have calculated to sell all that you have produced, then you will be able to tell whether its -tive,+tive or zero
Che
so if my total output is 3 den I will get a positive profit in a monopoly market
Eugene
correct
Kojo
the "its" stands for profit
Che
another question
Eugene
Eugene...if your output is 3, calculate the money you have spend to produce that output i.e fixed cost + variable cost
Che
Che
I think 27
Eugene
I tink is 28
Raphael
Eugene...if you spent 28\$ to produce let say 3 iPhones...how much will you sell one of the iPhones?
Che
30\$
Eugene
who was the founder of economics
Alonge
hi
FIREW
how to produce
suppose you are the manager of a perfect competitive firm. your total cost of production is given by TC=100+Q2 suppose you are told that the price of their services is \$60 1. how much output should you produce to maximise profit? show calculations 2. determine the level of profit
220
ezhilarasan
how to produce
sophia
what is price control
importance of scale of preference
what are the factors that affect international organization
Organizational structure,communication,mission
Ogunsola
what is international organization
discuss how international organization affect business in Nigeria
Imeobong
An international organization is an organization with an international membership, scope, or presence.
Avishek
thanks
Imeobong
importance of scale of preference
Offei
demand curve
Raphael
demand uuu
Raphael
uu
Raphael
supply curve
Raphael
what is price control
Raphael
what are the factors that affect demand and commodity
if a firm stays on the same isoquant it means ? a. output missteps decrease b. output must stay. the same c. output must increase d. quantity of labour and capital employed must remain the same e. none
A
Were
A
alyssa
B
SEMAN
A
Darren
B
Bertilla
D
Romeo
which one is the right answer pls
Bertilla
😂😂😂😂
Niza
Niza
B
Foley
d
Fasae
b
Alicia
a
Mohammed
hi
DINA
d
DINA
d) none. because isoquants meant different combination of inputs give same level of out and higher the isoquants gives higher the level of output
ezhilarasan
okay
Bertilla
answ. d.quantity of labour and capital employed must remain equal
mohamed
d
Ayoka
B
jephter
analyse this table showing how this affect the law of diminishing demand return
What are diminishing marginal returns as they relate to costs?
michael
what are diminishing demand
Bertilla
please can you explain it to me because am new to economics
michael
the law of diminishing state that as more and more variable factor is added to a fixed cost, it will increase first and later its begins to fall until its get to zero. that were ur mc equal to zero
Fasae
thanks dr
Bertilla
The law of diminishing demand states that, if the price of a product is raised, a smaller quantity will be demanded and if the price of a product is lowered, a greater quantity will be demanded.
Were
The law of diminishing returns, also referred to as the law of diminishing marginal returns, states that in a production process, as one input variable is increased, there will be a point at which the marginal per unit output will start to decrease, ceteris puribus
Were
guys I need to know what is meant by basic economic mathematics and explain please
It's also the usage of mathematical tools to express and analyse economic problems.
Rasaq
so basically it's the use of mathematical formulas to solve the problems under demand and supply right...
Lovemore
Yes, though economic analysis majorly has to deal with demand and supply forces in fact the back bone of economics rest on demand and supply but there are other functions like consumption function, implicit ,explicit, monotonic( constant, increasing, decreasing), transcendential, homogeneous, polyn
Rasaq
wat improvement do economic has with our life
it help us how to use our limited resources to satisfy our unlimited wants
Pagnol
Economics assit in understanding the pre-requisite for Growth and developmen and how the workings of the economy operates.
Rasaq
Economic helps us to manager our limited resources, how to expand it, etc over unlimited want
Eagle
Economics is the social Science in which we study how scarce resources are allocated for the betterment of human being.
what is equilibrium point
where price and quantity demanded meet
Pagnol
is the point where price an quantity demanded meet
Aminata
why do consumer demand curve tend to move downward slope
Aminata
Equilibrium point is the point at which quantity demand equals quantity supply.
Rasaq