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Deviation
- Difference between the expected and actual payoff
- Adjusting for the negative numbers
- The standard deviation measures square root of average of squares of the deviations of the payoffs associated with every outcome from their expected value.
- The standard deviation can be given by:
Illustrate the roles of mathematics in modern economics? Roles of Mathematics in Modern Economics: Mathematics has become a significant tool into modern economics. Mostly
why does the quantity of salt tend to be unresponsive to changes in its price
. Suppose fixed costs increase by $20. How will this affect TFC, TVC, TC, ATC, AVC and MC? Which numbers change and which stay the same?
Shor tage A condition under that the quantity demanded for a good or service exceeds the available supply for that good or service. Shortages usually cause a rise in price
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Reorder Point Techniques Systems based on reorder points assume that demand is uniform and predictable and that there is no true identifiable time of need. Hence, stock must a
What is third degree price discrimination? Explain with case analysis,give two successful & unsuccessful cases of 3rd degree price discrimination.
how to calculate it given a functuion
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