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Answer average cost curve average fixed cost average variable cost budget constraint cent change in demand change in price cigarettes constant returns consumer cost of labour cross-price elasticity curries decrease demand curve demand is price downward sloping economics elasticity of demand elasticity value entrepreneurial opportunity cost equals marginal cost example factors of production figure looks fixed factors Fresh Fry income effect increase in price increasing returns indifference analysis indifference curve inelastic lager marginal cost marginal revenue curve marginal utility market structures microeconomics monopolistic competition monopoly negative outcomes percentage change perfect competition pint Practice price changes price elasticity price equals price increase product of labour Profit maximisation purchase quantity demanded returns to labour shoes shown in Figure shows substitution effect supernormal profits supply curve Table total cost total fixed cost total profits total revenue profile total utility total variable cost variable cost curve variable factors wage zero
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