Slide 1The assumption of maximizing behavior lies at the heart of economic analysis. Firms are assumed to maximize economic profit. Economic profit is the difference between…
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PowerPoint Presentation THE NATIONAL BUDGET December 2012 THE ECONOMIC FRAMEWORK What did you learn in the previous class? What is Economics? What are Resources? What are…
PowerPoint Presentation THE NATIONAL BUDGET December 2012 THE ECONOMIC FRAMEWORK What did you learn in the previous class? What is Economics? What are Resources? What are…
PowerPoint Presentation The assumption of maximizing behavior lies at the heart of economic analysis. Firms are assumed to maximize economic profit. Economic profit is the…