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Relationship between AC, AVC, AFC and MC is elucidated graphically by drawing respective cost curves in Figure below. Behaviour of cost curves is elucidated below. Figure:
Let consider the following game among an employer (Katharine) and an employee (Kevin). Katharine needs Kevin to work hard rather than loaf around and that is why she considers spe
Factor combination in the long run In the long run it is possible to vary all factors of production. The firm is therefore restricted in its activities by the law of diminish
Michael was discussing the importance of production analysis and cost analysis to managerial economics with a final year Open Campus student. The final year student, Catherine, sta
Real Rigidities in the Credit Market How imperfections in the goods markets enable firms to set prices so as to generate price rigidities, e.g., because of countercy
Give short answer of following (a) Economics as a science. (b) Engineering Economics. (c) Economic Problem. (d) Meaning and characteristics of utility. (e)
explain in detail ramsey pricing with example?
TYPES OF UNEMPLOYMENT A person can be either in the labour force or not in the labour force of an economy. The person not included in the labour force includ
MONEY MARKETS The expression "money markets" is used to refer to the set of institutions and individuals who are engaged in the borrowing and lending of large sums of money
Variable Costs (VC) These are costs, which vary with the level of production. The higher the level of production, the higher will be the variable costs. They are associated
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