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Types of budget: Surplus Budget: A surplus budget occurs when the expected government revenue is planned to exceed the proposed government expenditure. It can be achieved by
State the example of price and price level Create a basket which contains all the goods sold by a specific store on a specific day. Price of this basket is then a price level -
What are the problems of interest for several reasons in cost minimization? Cost Minimization: A significant implication of the firm choosing a profit-maximizing producti
Elasticity of Price Expectations (epe)
Explanation
The Concept of Efficiency is stated below: To illustrate this concept of the efficiency, it is used to expand the understanding of what is meant by the Pareto-efficient allocat
What is the difference between indifference curve and isoquants? An indifference curve shows dissimilar combinations which a consumer can buy with a given level of income. Ind
Consider 2 firms i=1,2 producing quantities q1 and q2 respectively. Let the market price be given by P=a-b(q1+q2). Firm 1''s Marginal cost c is common knowledge but 2''s cost is no
if you were making the pricing decision for the gasoline company, would you cut, raise or leae the price unchanged
Methods of Forecasting The various methods of forecasting demand may be grouped under the followings categories: Opinion Polling Method: In this method the opinion
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