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Define Nash equilibrium
What is use of analytical tools in the modern economics? Analytical Tools: Modern economics also gives different powerful analytical tools which are usually specified by geo
Consider 2 firms i=1,2 producing quantities q1 and q2 respectively. Let the market price be given by P=a-b(q1+q2). Firm 1''s Marginal cost c is common knowledge but 2''s cost is no
is the industry of electric power on the large economies scale
Question (a) Describe clearly the three concepts of elasticity of demand. Use appropriate examples and diagrams to support your answer. (b) Consider you have been appointed
Factors that calculate price elasticity of demand: The proportion of Income spent on the Commodity If the price of a good is relatively low such the expenditure on it is a
Where minimum efficient scale is very huge for capital intensive operations, it may be more cost effective to allow one company to spread its fixed costs over a very huge number of
Reorder Point Techniques Systems based on reorder points assume that demand is uniform and predictable and that there is no true identifiable time of need. Hence, stock must a
typical assumptions
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