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Economic Value to Customer
Economic Value to Customer = EVCx = [LifeCycle costs of a competitor's product in relation to a home firm] - [Start-up Costs for the home firm's product] - [Post Purchase Costs for the home firm's product] + [Incremental Value of the home firm's product].
calculate demand function is Q=100-P, where Q is quantity demand and P is price
state 3 major assumptions which a production posibility is based
Efficiency of exchange
Question 1: Define the concepts price elasticity of demand, income elasticity of demand and cross elasticity of demand and explain how these concepts can be useful to the man
Basics of Theory of demand: The most famous approach in the history of consumer behaviour, after indifference curve approach, is the revealed preference approach. In the revea
Consumer Surplus -Difference between maximum amounts a consumer is wishing to pay for a good and amount actually paid. The stepladder demand curve is converted into a
quasi rent theory
explain optimal use of variable input?
prove that marginal utility of x=the price of commodity x.
Utility-Expenditure Duality: Consider the minimisation of the expenditures necessary to achieve a specified utility level. The solution for qi yields the compensated demand f
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