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Q. Describe about Theory of Firm?
Theory of the firm is associated to comprehending how firms come into being, what are their objectives, how they act and enhance their performance and how they establish their credentials and standing in society or an economy and so on. Theory of the firm aims at answering the below questions:
• Existence - why do firms exist andemerge, why aren't all transactions in the economy mediated over the market?
• Which of their transactions are performed internally and which are negotiated in the market?
• Organisation - why are firms structured in such a particular way? What is the interplay of informal and formal relationships?
• Heterogeneity of firm actions/performances - what drives different actions and performances of firms?
What are the limitations of managerial ecomimics
WHAT ARE THE FORMS OF COST FUNCTIONS?
Q. What do you mean by Cost Function? Cost function is a derived function. It's derived from the production function that describes the efficient method of production at any gi
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Discuss and analyze following statement: When Burton Cummings graduated with honors from the Canadian Trucking Academy, his father gave him a $350,000 tractor-trailer rig. Rec
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