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Q. Explain the concept of demand function? Identical to the demand theory which pivots around the concept of demand function, theory of production revolves around the concept o
a. A major freeze destroys a large number of orange trees in Florida Ans- Since the freeze destroyed a large number of orange trees in Florida the number of oranges the selle
If the marginal product of L is MPL = 10K - L and the marginal product of K is MPK = 10L - K, then what is the maximum possible output when the total amount that can be spent on K
The use of arc elasticity in economic analysis involves a good deal of chariness since it is capable of being misinterpreted. Arc elasticity coefficients vary between the same two
Demand Function for Money In the Keynesian analysis , the demand for money is a function of the level of income and the rate of interest. According to Milton Friedman, the dema
What are the significant tools of the perfect competition and the supply curve? Perfect Competition and the Supply Curve: a. In Perfect competition the characteristics of a
Hayek explaination Under a fractional reserves system, it is possible for the banking system to supply resources to entrepreneurs for investment in excess of resources that are
The emergence of managerial economics as a separate course of management studies can be attributed to at least three factors: 1. Growing complexity of business designs maki
Q. What is Labour Requirements on the production capacity? Labour Requirements: Spending on labour is one of the most vital elements of cost of production. Dependable and cor
monopolistic competition
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