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1. Prof. Marshall 'The more nearly perfect a market is, the stronger is the tendency for same price to be paid for same thing at the same time in all parts of the market".
2. Prof. Benham "A market is said to be perfect when all potential sellers as well as buyers are promptly aware of the price at that transactions take place and all of the offers made by other buyers and sellers and when any buyer can purchase from any seller and vice-versa".
So perfect competition is a market situation where a colossal amount of buyers and sellers possessing complete knowledge of the market come together to afford the similar products. In perfect competition, an equilibrium price exists in market and firms are free to participate in and to exit the market.
when firm can achieve optimization
You have been provided with daily data starting in January 2009 on the main New Zealand stock market index, the NSX-50. Choose a suitable model for measuring volatility on the New
Q=5K0.4 L0.6 WHERE K is number of mchine,L s number of labour, price of unit is RM24 & wages og each lanour rm12. the company constraint by it budget rm 1500 per time period. a) co
definition of optimal use of veriable input
#question.meaning of isoquants and its types
Policies to cure Balance of Payment deficits The measures available to tackle balance of payments deficits include short term measures such as deflation, import controls, dev
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Consider an economy with two individuals. Individual 1 has (inverse) demand curve for a public good given by P1=60-2Q1, While individual 2 has (inverse) demand curve for the public
prepare a break-even analysis to determine volume required to cover costs with and without a specified profit target and price.
No new substitutes for the commodity If some new substitutes for a commodity appear in the market, its demand normally declines. This is quite natural, since with the availabil
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