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Individual firm and market supply curves The quantities and prices in the supply schedule can be plotted on a graph. Such a graph is called the firm supply curve. A fir
plot the demand schedule and draw the demand curve for the data given for marijuana in the case above
Q. Explain about Linear Isoquant? : In this case, isoquant would be straight lines as in Figure below. This type presumes perfect substitutability of factors of production. I
State the difficulties in the measurement of profit.
why firms under oligopoly market should follow price rigidity?
Perfectly Elastic Supply Supply is said to be perfectly or infinitely elastic if the price is fixed at all levels of demand. The demand curve has been shown in the above diag
ISOQUANT ANALYSIS In the long run it is possible for a firm to produce the same output using different combinations of two factors of production. For instance it the two fact
explain perspective of managerial economics
Danger of over-specialising A country may feel that in its long-term interests it should not be too specialized. A country may not wish to abandon production of certain
Market Structures This refers to the nature and degree of competition within a particular market. Capitalist economies are characterised by a large range of different market
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