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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?
Real Rigidities in the Labour Market New Keynesian theories of the labour market help in explaining the existence of involuntary unemployment. The theories also attempt to
Practical Importance of the knowledge of Price Elasticity of demand The practical importance of the measures of elasticity of demand is to be appreciated in various ways:
Q. Explain about Managerial Economies? Large scale production makes possible the division of managerial functions. So there exists a production manager, a finance manager, asal
explain in detail ramsey pricing with example?
Consider an economy with two individuals. Individual 1 has (inverse) demand curve for a public good given by P1=60-2Q1, While individual 2 has (inverse) demand curve for the public
Supply-side policies Supply-side policies are intended to increase the economy's potential rate of output by increasing the supply of factor inputs, such as labour inputs and
The concept of point elasticity is applicable where change in price and the resulting change in quantity are infinite or small. Though, where change in price and consequent hunger
THE IMPACT OF INFLATION Inflation has different effects on different economic activities on both micro and macro levels. Some of these problems are considered below: i.
Drafting of Production Policy: Demand forecasts assists in drafting appropriate production policy so that there may not be any space between future demand and supply of a product.
law of demand
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