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Describe the Application of economic theories
Pertinent business decisions necessitate an unambiguous understanding of the environmental and technical conditions under which business decisions are taken. Application of economic theories to explain as well as analyse business environment andtechnical conditions, contributes greatly to rational decision-making process. Economic theories have many pronged applications in the analysis of practical problems of business. Keeping in mind the escalating complexity of business environment, efficacy of economic theory as a tool of analysis and its contribution to process of decision-making has been extensively recognised
howw much should the firm produce to maximize its profits
What is optimal output rule? Optimal output rule: According to the optimal output rule, describe that profit is maximized through producing the quantity of output at that th
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State the Basis of business policies Managerial economics is the founding principle of business policies. Business policies are prepared based on studies and findings of manage
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Question: (a) The regression results for the quantity demanded of good X is given by ln Q X = 1220 - 9.5 ln P X - 2.21 ln P Y + 1.01 ln M t values (5.3) (-5.1
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