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Introduction to Economics; TTBEBVVM-KT1_ENG

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Profit is equal with total revenue minus total cost.

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Microeconomics deals with how the demand of a product is changing thanks to changes in avarage income.

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How can we count the Average Total Cost?

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Points in the production possibilities frontier

(PPF) show the combinations of output that economy can produce, while not all

the factors of production are used.

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Counting total surplus: amount paid by buyers and amount received by sellers are not equal.
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