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Explain opportunity costs using a PPF where investment goods are on one axis and consumption goods on the other. Again, a good definition of opportunity costs linked to the not
The Bandwagon Effect - This is desire to be in style, to have a commodity because almost everyone else has it, or to indulge in it. - This is major objective of marketing an
Q. Define Economies of Scale? Economies of Scale: Most economic production requires producing firm or organization to make an initial investment (in real capital, in design and
Features of bureaucracy: Impersonal Order: The authority is inherent in the post and not the individual who performs the official role. An official is supposed to have a det
The functions of money include; (1) medium of exchange, (2) store of value, and (3) a calculate of worth. Due to money is acceptable as a form of payment for all commodities,
Define Average Total Cost and Average Variable Cost Average Total Cost: The amount spent on producing every unit of output. The average cost is calculated by dividing the t
LINKAGES OF BUREAUCRACY WITH THE KNOWLEDGE CENTRES: The Government employees must make use of knowledge generated in higher seats of learning for implementing economic policie
What are the problems of interest for several reasons in cost minimization? Cost Minimization: A significant implication of the firm choosing a profit-maximizing producti
what are the properties of cob-douglas production function
discuss utility
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