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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?
A firm hires two risk-neutral workers to assemble bicycles and pays $20 for each assembly.Charlie's marginal cost of allocating effort (measured in dollars) to the production proce
what is the uses of production functns?
Assumptions of Monopolistic Competition Monopolistic competition as the name implies, combines features from both perfect competition and monopoly. It has the following featu
To eliminate competition and thereby secure higher prices, firms producing a specific product can come together and make monopoly agreements. These are called as industrial combina
Suppose you are an efficient expert hired by a manufacturing firm that uses two inputs, labor (L) and capital (K). The firm produces and sells a given output. You have the followin
What are the essential points to determine in monopoly? Points essential to determine in monopoly: a. The importance of monopoly, where a particular monopolist is the merely
present a detailed discussion of the principles of managerial economics
Williamson, Wachter and Harris (1975) suggest promotion incentives within the firm as a substitute to morale-damaging monitoring, where promotion is based on objectively measurable
structure of managerial economics
Q. Illustrate Fiscal Monopoly? Fiscal Monopoly: To stop exploitation of consumers andemployees, government nationalises many industries and obtains fiscal monopoly power ove
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