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1. What is the difference between a static (master) budget and a flexible budget?
Ans: static budget is where a budget doesn't change a volume changes. An example could be that if the budget started out at $300,000, yet sales were $500,000, the budget would remain at $300,000. A flexible budget would adjust for changes in activity and volume either via an increase or decrease in price.
Describe the Optimisation of managerial economics Optimisation techniques are perhaps the most vital to managerial decision making. Given that alternative courses of action are
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Problem 1: All economies of the world can be said to be ‘mixed', to a greater or lesser degree, in that there is no economy where there is no state activity and no economy wher
Definition of Elasticity Is defined as the ratio of the relative change of one (dependent) variable to changes in another (independent) variable, or it's a percentage change o
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in the context of an environment of business,state briefly the implication of (1) Ee>1.....(2)Ee=1......(3)Ee=0.......(4)Ee
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Q. Explain about Long run production function? Long run is a phase adequately long so that all factors together with capital can be changed. The factors that can be increase
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