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Illustrate about Demand theory
Demand theory is one of the core theories of consumer behaviour andmicroeconomics. It attempts at answering questions regarding the magnitude of demand for a product or service based on its importance to human wants. It also tries to assess how demand is impacted by changes in prices and income levels and consumers preferences/utility. Based on the perceived utility of services and goods to consumers, companies are able to adjust supply available and the prices charged.
how manager can apply scarcity and oppotunity cost in managerial decision making
Explain the concept of externality in economics? Give one example of a positive and a negative externality in Australia.
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WHAT ARE THE PRINCIPLES OF MANGERIAL ECONOMICS
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