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We can analyse the equilibrium of a firm under Perfect Competition in both the long run as well as in the short-run.
SHORT RUN EQUILIBRIUM OF A FIRM UNDER PERFECT COMPETITION
Under short period, firm can face four different situations depending on whether:
• AR< AC < AVC Shut down point
Features of Monoploy in Monopolistic Competition Monopolistic competition has the following features from monopoly : As the products are differentiated substitutes, each b
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Calculate point elasticity of demand for demand function Q=10-2p for decrease in price from Rs. 3 to 2
(a) Describe how commercial banks determine their output, interest rates and profit levels assuming they act as oligopolies. (b) To what extent is the above statement a reality
Question: i) Briefly explain the importance of forecasting for managers? ii) To what extent will managers rely on surveys in business forecasting? iii) What do you mea
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Usually, elasticity of a demand curve throughout its length isn't the same (Fig. below). It varies between 0 and ∞, or in other words, 0 ≤ e p ≥ ∞ In some cases, though, the
What are the essential points to determine in monopoly? Points essential to determine in monopoly: a. The importance of monopoly, where a particular monopolist is the merely
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