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Let Consider the following (familiar) equation which estimates the number of hours of sleep / year that someone gets as a function of hours worked / year (total work), education (in years) and age. Assume this equation is estimated using a new data set of 64 people and the results are
a. Test the null hypothesis that the coefficient on education is equivalent to 6 at the 5% level.
Goals of the firm How much is produced by a firm depends on its objectives. A firm which aims to maximise its sales revenue, for example, will generally supply a greater quant
elasticity concepts occupies a central place in policy formulation explain in details
Explain the limitations of managerial economics
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define scarcity and oppurtunity cost.show how these concepts are useful in managerial decision making
Advantages of a Free Market System Incentive: People are encouraged to work hard because opportunities exist for individuals to accumulate high levels of wealth. Choice
Q. Illustrate about Sales maximisation? The concept that business firms (specifically those operating in the real world) are principally goaded by the aspiration to achieve the
Q. Explain Price elasticity and total revenue? Given the relationship between price elasticity and marginal revenue of demand in Eq. II, the decision-makers can simply know whe
Describe and answer in economic terms a managerial decision you have knowledge about (for example one that has to be made at your place of employment). Some examples of decisions a
how to solve problems using derivatives ?
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