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Define the simple statistical concepts of average
Simple statistical concepts of average (mean) and standard deviation are used. Estimating a relationship among variables needs a more advanced statistical technique. For instance, a firm may desire to estimate its cost function which means the relationship between cost concept and level of output. A firm can also wish to demand function of its product which is the relationship between demand for its product and factors which influence it. Estimates of costs and demand are generally based on data supplied by the firm. Statistical estimation technique used is known as regression analysis and is used to engender a mathematical model showing how a set of variables are related. This mathematical relationship can also be employed to produce forecasts.
Q. What is Marketing Economies? They are allied with selling of the product of the firm. They arise from advertising economies. Because advertising expenses increase less than
Q. Types of Market Structures by the Nature of Competition? Conventionally, the nature of competition is assayed to be the basic criterion for distinguishing different types of
What is Managerial economics according to McGutgan and Moye McGutgan and Moyer: "Managerial economics is the application of economic theory and methodology to decision-making
What is the meaning of demand In economics, demand has a specific meaning distinct from its ordinary usage. In common language we treat 'desire' and 'demand' as synonymously. T
What is optimal output rule? Optimal output rule: According to the optimal output rule, describe that profit is maximized through producing the quantity of output at that th
Theories associated with different market structures A firms profit maximising output decisions take into account the market structure under that they operate. There are 4 type
how it is revalent?
SIGNIFICANCE OF THE CONCEPT AND THEORY OF SEARCH UNEMPLOYMENT From what has been said earlier, you understand the significance of the theory of search unemployment as
National Income National Income is a measure of the money value of goods and services becoming available to a nation from economic activities. It can also be defined as the to
Problem 1: The national budget exercise is nothing more than a political exercise. Discuss. Problem 2: a. What do economists mean by the term ‘efficiency'? b. What
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