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CHARACTERISTICS OF MANAGERIAL ECONOMICS 1. Uses theory of firm: Managerial economics uses economic principles and conceptsthat are known as theory of Firm or 'Economics of the
Q. Explain the Game theory? Game theory: Game theory is a branch of applied mathematics which is used in the social sciences, most particularly in economics, as well as in b
want assignment on Elasticity of Demand:
gap between economic theory and business practice
Disadvantages of Perfect Competition There is a great deal of duplication of production and distribution facilities amongst firms and consequent waste. Economies of sc
Contributions of economic theory to business economics According to Baumol, there are 3 key contributions of economic theory to business economics. 1. Practice of building
Types of Price Elasticity of demand a) Perfectly inelastic demand Demand is said to be perfectly inelastic if changes in price have no the quantity demanded so
Perfectly Elastic Supply Supply is said to be perfectly or infinitely elastic if the price is fixed at all levels of demand. The demand curve has been shown in the above diag
Marris constraints of growth maximisation
Calculate point elasticity of demand for demand function Q=10-2p for decrease in price from Rs 3 to Rs 2
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