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Unformatted text preview: = total revenue total costs = price x quantity total costs Firm goes to the mix of inputs to produce output Q=f(LD,L,K,Kh) Firm 1. seller in product market a. supplier in product prices 2. Buyer in Factor Markets a. Demands of factors 4 questions about capitalism: 1. Has capitalism always existed? a. Market vs. non-market systems 2. How did capitalism develop? a. Adam Smith and David Ricardo 3. Does capitalism always work? a. (Karl Marx) b. If not, then does a roll for a 3 rd party (gout) exist and does gout help or hurt the market economy? 4. Will capitalism continue as a way to organize economic activity and/or will it change or be replaced by some other economic system into the 21 st century....
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- Spring '08