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Most studies of firms’ long run costs have found that average costs decline as firms produce increasingly larger output levels (economies of scale), such as for automobile firms. H
What are the major area of decision making ? How does economic theory contribute to managerial decision ?
interaction between the two market force, demand and supply
What are the assumptions of unbalanced growth? Development cannot be initiated through one industry. Government recognize strategically significant areas to planned economy or
Explain how getting right price affected the market for promoting development. Getting prices right implies: • Abolishing price controls as well as subsides on fundamentals.
What happens during a business cycle of economy, and what can be done about it? Business cycle of economy: a. The consequences of recessions and expansions onto unemploymen
In what conditions might you consider increasing the volume and/or frequency of quality control checks? What time might you decrease their volume or frequency? A team member is
Discuss, using examples the economic consequences of a sudden monopolization of an industry that had been previously been competitive
WHAT IS OPPOTUNITY COST?
in the banking systems, when clearing checks, the difference between the Federal Reserve''s credits and debits is the
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