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fundamental concepts of decision-making theory
The fundamental concepts of decision-making theory have been culled from microeconomic theory and have been furnished with new tools of analysis. Statistical methods, for illustration, are pivotal in estimating current and future demand for products. Methods of operations research and programming proffer scientific criteria for minimising cost, maximising profit and determining a viable combination of products.
Peanut butter monopolist Calvé supplies peanut butter to Albert Heijn in an isolated village. The supermarket is a monopolist in the village. Demand for peanut butter is given by:
Internal and External factors of business operation External factors : A firm can't exercise any control over these factors. Thepolicies, plans and programmes of the firm m
Antitrust authorities at the Federal Trade Commission are reviewing your company's recent merger with a rival firm. The FTC is concerned that the merger of two rival firms in the s
You have recently gained employment with a computer consultancy company. Due to your specialist knowledge in the areas of Human Factors and usability, your manager considers that y
define derivatives
Michael was discussing the importance of production analysis and cost analysis to managerial economics with a final year Open Campus student. The final year student, Catherine, sta
Price Elasticity of Demand Is the responsiveness of the quantity demanded to changes in price; its co-efficient is Pe d = Proportionate change in quantity demanded
Advertising expenditure must remain the same If advertising expenditure of a firm increases, consumers may be tempted to buy more of its product. Hence the advertising expendit
INDIRECT TAXES These are imposed on an individual mostly producers or traders but they can be passed on to be borne by others usually the final consumers. They can also be de
Calculate point elasticity of demand for demand function Q=10-2p for decrease in price from Rs 3 to Rs 2
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