What is producer's equilibrium? Explain the conditions of producer's equilibrium through the' marginal cost and marginal revenue' approach. Use diagram.
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Explain the conditions of a producer's equilibrium in terms of marginal cost and marginal revenue. Use diagram.Equilibrium refers to a state of rest when no change is required. A firm (producer) is said to be in equilibriumwhen it has no inclination to expand or to contract its output.
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