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If a firm's organisational characteristics have not any implications for its behaviour or more possibly have implications that can be taken into account without adopting a behaviourist approach, a holistic concept of the firm can be retained. Sothough organisational characteristics such as the relationship between managers and shareholders may need to be analysed in order to determine what firm's objective is, once this has been done, firm can be viewed as aunit acting consistently in pursuit of a clearly specified objective. In the same way, internal administrative processes can be observed as a separate area of study, in the same way that technical processes of marketing or production are regarded as separate areas of study and can be abstracted from theory of the firm. Of course, study of internal administration may lead to conclusions with relevance for a theory of the firm, like there exists an absolute size or a rate of growth above that the administrative efficiency of the firm declines. Once established then these conclusions can be regarded as part of initial set of assumptions needed for the construction of any theory.
The core contribution of the behavioural approach for development of an understanding of business behaviour is to highlight the role played by uncertainty (not risk), the view that behaviour of the firm can best be understood as viewing it like a continuing process and rejection of micro equilibrium.
Liquidity and the multiple contraction of deposits Many of the instruments of monetary policy depend upon limiting liquidity, which has a multiple effect upon bank' deposits t
Explain the theory of production, Managerial Economics Explain the Theory of Production
DIGRESSIVE TAX A tax is called digressive when the higher incomes do not make a due contribution or when the burden imposed on them is relatively less. Another way in which
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The Central Bank These are usually owned and operated by governments and their functions are: i. Government's banker : Government's need to hold their funds in an ac
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Plot the demand schedule and draw the demand curve for the data given for Marijuana in the caseabove.
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