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HC Economic Function
Def Economic Functions
Question | Answer |
---|---|
Demand function | unit price and quantity demanded D(x) |
Supply function | unit price and quantity supplied S(x) |
Market equilibrium | quantity demanded = quantity supplied D(x) = S(x) |
Cost function | production C(x) |
Revenue function | price X quantity R(x) |
Profit function | revenue and cost P(x) = R(x) - C(x) |
Break-even point | revenue = cost R(x) = C(x) |