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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?
Profit as rent of ability: one of the most widely known theories of profit was propounded by F.A. Walker. According to him profit is the rent of is the difference between the earn
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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
Theory of Consumer Behaviour Through the study of theory of consumer behaviour we can be able to explain why consumers buy more at a lower price than at a higher price or put
Demand Schedule The law of demand can be explained through a demand schedule. A demand schedule is a series of quantities that consumers would like to buy per unit of time at d
types of elasticity
1. A sporting goods company has hired a management consulting firm to analyze demand in 20 regional markets for one of its major products: a treadmill. The consultant uses data to
Optimum combination of resources The firm can maximise output given costs. That is when the entrepreneur attains the highest isoquant given a particular Isocost. At t
cvp analysis
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