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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?
Explain the concept of externality in economics? Give one example of a positive and a negative externality in Australia.
NOMINAL RIGIDITIES VERSUS REAL RIGIDITIES Nominal rigidities are said to exist when nominal prices and wages do not change in the face of conditions that call for thei
The Firm The unit that uses factors of production to produce commodities then it sells either to other firms, to household, or to central authorities. The firm is thus the uni
WHAT ARE THE PRINCIPLES OF MANGERIAL ECONOMICS
Q. Show the Characteristics of monopoly? Let's summarise the main characteristics of monopoly as under: Cross-elasticity of demand for a monopoly product is zero in the
PROBLEMS OF USING PER CAPITA INCOME TO COMPARE STANDARD OF LIVING OVER TIME 1) The composition of output may change. e.g. more defence-related goods may be produced and
Appropriate Management of Sales: Demand forecasts are made area wise and after that sales targets for various areas are set in view of that. This helps the calculation of sales pe
encrimetal concepts
Determine the Market demand curve Market demand curve is the horizontal summation of individual demand curves. The individual demand schedules plotted graphically and summed up
Case study for consumer behavior using indifference curev
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