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define scarcity and oppurtunity cost.show how these concepts are useful in managerial decision making
A monopolist has two types of customers. There are 100 of Type A, who will every pay up to $10 for a single unit of the good, and 50 of Type B, who will every pay up to $8. Neithe
what kind of market structure is involved for the sale of medicines and vitamins? explain
Marginal Cost This is the increase in total cost resulting from the production of an extra unit of output. Thus, if TC n is the total cost of producing n
A firm in a perfectly competitive market invents a new situation of production that lowers its marginal costs. What happens to its output? What happens to the price it charges?
Q. Define the Natural Monopoly? Natural Monopoly: Natural monopoly is because of natural factors. For illustration, a particular raw material is concentrated at a specific pl
Suppose that the present level of income in the economy is $700 billion. It is determined that in order to decrease the unemployment rate to the desired level, it will be essential
A risk-neutral agent's working life has two periods. In each period, the agent can provide high effort (at personal cost $2,000) or low effort (at zero personal cost). In a given p
U.S. retail industry, Arc Elasticity is correctly used to assess the dollar magnitude of net benefits of a decision to raise price/output combinations by 5% in the short and medium
Q. Show the Isoquant touching axis? Isoquants do not intersect: By definition isoquants such as indifference curves, can never cut each other. If they cut each other it will
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