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Q. Example on Changes in fixed costs and profit maximisation?
What if arena owner in the illustration above triples the fee for the subsequent concert but all other factors are the same. What price must the promoter now charge for tickets in light of the fee increase?
The same price of Rs. 10
Fee is a fixed cost, which promoter should consider a sunk cost and simply ignore it in calculating his profit maximising price. Only effect is that promoter's profit will be reduced by Rs. 20, 000.
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What will be the table of total cost function?
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Give short answer of following (a) Economics as a science. (b) Engineering Economics. (c) Economic Problem. (d) Meaning and characteristics of utility. (e)
critically analyze the of profit maximization
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