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Q. Discovery of new technical know-how?
Growth of Technical Know-how: Expansion of an industry may result in the discovery of new technical know-how. As a result of this firms may be able to use improved and better machinery that will increase the productivity of the firms and consequentlydecrease the cost of production.
Imagine an amusement park with a sole attraction: a roller coaster. For simplicity, the cost of providing a ride is zero. There is a single consumer with demand for rides on the ro
Disadvantages of Mixed Economy Large monopolies can still exist in the private sector, and so competition does not really take place There is likely to be a lot of bureaucr
What is Managerial economics according to Spencer and Siegelman Spencer and Siegelman: Managerial economics is "the integration of economic theory with business practice for t
a) The production-possibilities curve is? b) If there is a shortage in the provider of a product, we can conclude that its price: c) An enhance in supply and a
Functions or Purposes of Taxation The functions of taxation can be discussed from the activities of the government it is meant to achieve. These are: a. Raise reven
Determine the Giffen goods - law of demand An exception to this law is the distinctive case of Giffen goods named after Sir Robert Giffen (1837-1910). 'Giffen goods' doesn't re
The Barcelona Football Club is considering the signing of a player of international fame. The problem is that the player has a reputation for having a weak knee. The probability th
The production function of a small shop that frames pictures is Q = 5 √ LK where Q is the number of pictures framed per day, L is labor hours and K is the machine hours.
A firm supplied 3000 pens at the rate of Rs 10. Next month, due to a rise of in the price to 22 rs per pen the supply of the firm increases to 5000 pens. Find the elasticity of sup
plot the demand schedule and draw the demand curve for the data given for marijuana in the case above
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