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Importance of Income Elasticity
If a country is experiencing economic growth, the income of the people will increase. However, for those engaged in the production of goods with negative income elasticities, this will mean a declining demand for their product. Even products with positive income elasticities, there is a great variability of response.
Income elasticity therefore has a most important effect upon resource allocation. As such, prosperous areas of any economy are often those associated with products which have a high income elasticity. In recession the opposite will be true.
Explain Managerial economics according to Mote and Paul Haynes, Mote and Paul: "Managerial economics refers to those characteristics of economics and its tools of analysis mos
For the pair of supply and demand equations,where x represents the quantity demanded in units of a thousand and p the unit price in dollars, find the equilibrium quantity and the e
Pricing Methods
Relationship between AC, AVC, AFC and MC is elucidated graphically by drawing respective cost curves in Figure below. Behaviour of cost curves is elucidated below. Figure:
Q. Explain about Inventory Economies? Inventory Economies: Role of inventories is to aid the firm in meeting random changes in the output and the input sides of the operations
Ask questiHow does economic theory contribute to managerial decisions? on #Minimum 100 words accepted#
THE LAW OF DIMINISHING RETURNS (LAW OF VARIABLE PROPORTIONS) One of the most important and fundamental principles involved in economics called the law of diminishing return
explain the managerial economics
Fundamental of managerial economic
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