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Importance of Income Elasticity If a country is experiencing economic growth, the income of the people will increase. However, for those engaged in the production of goods wi
Methods which rely on quantitative data: Rule-based forecasting Data mining Quantitative analogies Discrete event simulation Neural networks Extrapo
limitations of managerial ecomomics
Q. Show the Long Term Goals - Demand forecast? Long Term Goals: If the demand forecast period is more than a year, in that scenario it's termed as long term forecast. Follow
Explain the role scarcity of resources plays in economics decision making
In Home and Foreign there are 2 factors of production, land & labor, used to produce only one good. The land supply in every country and the technology of production are exactly th
Disadvantages of Perfect Competition There is a great deal of duplication of production and distribution facilities amongst firms and consequent waste. Economies of sc
1. Define 'Arc Elasticity'. 2. Explain the law of 'Diminishing marginal returns'. 3. What is 'Prisoner's Dilemma', of non cooperative game? 4. What is 'Third degree Discrimation'?
Q. Controlover Supply of Inputs - sources of monopoly? Furthermore, a monopoly situation may arise because of control over the supply of an essential input -skilled labour, raw
An optimum Population Countries are often described as under populated or overpopulated. From the economist's viewpoint these terms do not refer to the population density (i.
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