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Division of Labor The occupation or breaking down of jobs into simple and repetitive responsibilities.
THEORY OF COSUMER BEHAVIOUR: BASIC THEMES: We elaborated two classical theories (viz. Cardinal Approach and Ordinal Approach). In ordinal approach discussing the indifference
discuss how economic theory explains the optimum pattern of consumption of an individual consumer
The market demand for brand X has been estimated as Qx=1500-3Px-0.05I-2.5Py+7.5Pz Where Px is the price of brand X, I is per-capita income, Py IS the price of brand Y, and Pz is th
find the highest premium find the actuarialy fair premium
discuss the law of variable proportion with the help of isoquants
What is the difference between price value and price level? Price value is the value of commodity bought by the consumer at a certain price from the market, while, price level
What is the difference between 'scarcity' and 'shortage'? 'Scarcity' and 'shortage' have dissimilar definitions. In reality, when most of the goods and resources are scarce go
Explain what economies of scale are and why they have become increasingly common in later years. Economies of scale - Enhance in fixed factors, but output enhances at a propo
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