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Why concept of Elasticity is important in economics? Elasticity is very important concept in economics because it affects the decision of individuals as well as of the whole e
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Deviation - Difference between the expected and actual payoff - Adjusting for the negative numbers - The standard deviation measures square root of average of squa
explain the main criteria for classifying firms into industries.which criteria serve the better and why?
What are the three approaches to measuring GDP? The three approaches are: a) The production approach, b) The spending approach and c) The income approach.
compare and contrast between cordinal and ordinal approaches
Explain the term economic efficiency? Answer: Economic Efficiency means full utilization of all available resources in economy i.e. to produce the needed amount of goods and
When the curve that envelops the sweries of possible short-run average total cost curves is horizontal, this means that they are a. economies of scale, b. dieconomies of scale, co
shows teh steps in unitary mehod
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