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Fixed costs are those that are independent of output. They should be paid even if firm produces no output. They wouldn't change even if output changes. They remain fixed whether output is small orlarge. Fixed costs are also known as 'overhead costs', 'sunk costs' or 'supplementary costs'. They include payments likeinterest, rent, depreciation charges, insurance, maintenance costs, administrative expenselike manager's salary, property taxes and so on. In the short period, total amount of these fixed costs won't decrease or increase when the volume of firms output falls orrises.
PHILLIPS CURVE The Phillips curve, named after A. W. Phillips, describes the relationship between unemployment and inflation. In 1958 Phillips, then professor a
State the types of demand elasticity Income Elasticity: Elasticity of demand with respect to change in consumer's income. Price Expectation Elasticity of Demand: Elast
How will you influence people to strive willingly for group objective in your organization (target based industry)? Apply your interpersonal influence through communication process
Management Decisions: An effective demand forecast assists the management to take suitable steps in factors which are relevant to decision making like plant capacity, raw-material
Q. Show the Characteristics of monopoly? Let's summarise the main characteristics of monopoly as under: Cross-elasticity of demand for a monopoly product is zero in the
Question: (a) As an advisor to government as well as that to a firm how will you make use of your knowledge on price elasticity of demand, income elasticity and cross price ela
TYPES OF BUDGETS 1. Deficit budget If the proposed expenditure is greater than the planned revenue from taxation and miscellaneous receipts, this is a budget defic
what are the limitation of managerial economics and what is the solution of it?
Define the term forecasting As the term 'forecasting' may appear technical, planning for future is a critical aspect of managing any business or anorganisation. The long-term
The comparability principle Associations representing workers providing services - clerical, postal, teaching, etc. - have always attempted to apply the "principle of comparab
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