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Q. Explain the Game theory? Game theory: Game theory is a branch of applied mathematics which is used in the social sciences, most particularly in economics, as well as in b
Q. What do you mean by External Economies? External economies arise outside the firm as a result of improvement in industrial environment in that the firm operates. They are ex
Total Cost (TC) This is the sum of fixed costs and variable costs i.e. TC = FC + VC.
Benefits are: 1) People can create their own decisions 2) The government has limited control, which is good for arrangement 3) Gives freedoms like Enterprise, ownership,
Neoclassical Theory The neoclassical theory of economic growth began its career in the fifties and since the mid fifties a sizeable literature has developed. The theory largely
define scarcityand oppurtunity cost.show how these concepts are useful in managerial decision making
explain in detail ramsey pricing with example?
Find price for demand of 105000 exhaust fans, function is 462-5/7q for demand and p-6/7q for supply. find supply at 312, equilibrium qt and price
State about Production theory Production theory assists in determining the size of firm and level of production. It clarifies the relationship between marginal and average cost
what is segmentation
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