A Day in the Life of a Dentist by Heather Adamson

By Heather Adamson

This booklet follows a dentist throughout the paintings day, and describes the profession and what the task calls for.

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To achieve this, I have tried to minimise the interruption to the ‡ow of narrative by relegating some formal proofs to appendices or to guided exercises. The practice involves a mixture of examples, exercises and quick discussion points that you are encouraged to use in order to provide depth on particular points within the main themes and to develop familiarity with important solution techniques. 1 A route map We begin with each of the two main economic actors –the …rm and the household –and their relationships to the market.

B) At this output level, short- and long-run marginal costs are equal. (c) At this output level, short- and long-run input demands are equal. (d) The short-run marginal cost curve is at least as steep as the long-run marginal cost curve. (e) Long-run input demands are at least as elastic as short-run demands. 16 illustrates these results in the case where long-run marginal costs are rising. Take the example where input m represents the computer the …rm has just installed: technological change may have shifted the production function so that the …rm now wishes it had a larger computer, but for now it is committed to the installation (q = q).

4 Assembling the solution Let us now see what we get when we put together the solutions to the two component problems, cost-minimisation and output optimisation. The main result is as follows: 1 7 We have ruled out < 0, but what would be likely to happen in a market if See page 57. 1 8 What must be true about the production function for such a q to exist? > 0? 3. 3 (Marginal products and input prices) At the pro…t-maximising technique, for any input the value of the marginal product of the input must be no greater than the price of that input.

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