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Define scarcity and opportunity cost. Show how these concepts are useful in managerial decision making
OBJECTIVES OF GOVERNMENT Government policies are required in market economies to achieve certain goals. There are broadly two types of government policies viz; Microeco
Discuss the full cost pricing and marginal cost pricing method. Explain how the two methods differ from each other.
Using the relationship among the price of a visit to a physiotherapist and the quantity of visits demanded, explain and distinguish between the direction, the slope, and the positi
Bank of Issue The central bank enjoys the monopoly of bank note issue i.e. no bank other than the central bank is authorised by law to print currency notes. Printing of paper
a. A major freeze destroys a large number of orange trees in Florida Ans- Since the freeze destroyed a large number of orange trees in Florida the number of oranges the selle
a. Explain why the demand for a particular brand is more elastic than the demand for all cigarettes. If Lucky Strike raised its price by 1% in 1918, was the price elast
1. Prof. Thomas "Generally the term Monopoly is used to cover any effective price control, whether of demand or supply of services or goods; hardly it is used to mean a combination
In the national income analysis, investment refers to the value of than part of the aggregate output for any given time period which takes the form of construction of new structure
Suppose a firm's budget were large enough to employ 100 units of either labor or capital, the cost of a unit of labor being the same as a unit of capital. The production function i
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