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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.
Describe the Application of economic theories Pertinent business decisions necessitate an unambiguous understanding of the environmental and technical conditions under which bu
Explain the limitations of managerial economics
Advantages of the Mixed Economy Necessary services are provided in a true market economy, services which were not able to make profit would not be provided. Incentive: Sin
in the context of an environment of business,state briefly the implication of (1) Ee>1.....(2)Ee=1......(3)Ee=0.......(4)Ee
incrimental principle
Using the relationship among the price of a visit to a physiotherapist and the quantity of visits demanded, explain and distinguish between the direction, the slope, and the positi
Equilibrium National Income in a Frugal Economy Saving and investment are examples of two categories of expenditure called withdrawals and injections. A WITHDRAWAL is any inc
Convertible National Currencies Currencies are convertible when holders can freely exchange them for other currencies. There are several advantages in using a particular natio
Calculate point elasticity of demand for demand function Q=10-2p for decrease in price from Rs 3 to Rs 2
Supply and Demand Discuss and analyze following statement: The Wall Street Journal reported that recent law school graduates were having a very difficult time obtaining jo
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