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Opportunity Cost This is the amount that is sacrificed when choosing one activity over the next-best alternative. In organization, an example of opportunity cost is seen in th
Question: i) Briefly explain the importance of forecasting for managers? ii) To what extent will managers rely on surveys in business forecasting? iii) What do you mea
Measuring Point Elasticity on a Linear Demand Curve To explain the measurement of point elasticity of a linear demand curve, let's suppose that a linear demand curve is given b
For Oliver E. Williamson, existence of firms derives from 'asset specificity' in production, where assets are specific to each other such that their value is much less in a second-
a) A change in demand means that: b) On the production-possibilities drawing, unemployment is represented by:
Liquidity and the multiple contraction of deposits Many of the instruments of monetary policy depend upon limiting liquidity, which has a multiple effect upon bank' deposits t
The quantity theory of money In the 17 th Century it was noticed that there was a connection between the quantity of money and the general level of prices, and this led to th
who are the contributors in economics and what they contribute in economics
Disadvantages of Perfect Competition There is a great deal of duplication of production and distribution facilities amongst firms and consequent waste. Economies of sc
Using Factor Incomes for Calculating National Income A second method is to sum up all the incomes to individuals in the form of wages, rents, interests and profits t
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