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a) The most well-organized combination of resources which can be used to make a given level of output is that which: b) The enactment of a guaranteed yearly income for al
Factors influencing Supply Curve State of technology There is a direct relationship between supply and technology. Improved technology results in more supply as with
Explain how managerial economics is useful for decision making
What are the tools of factor markets and the distribution of income? Tools of factor markets and the distribution of income: a. Factor distribution of income b. Marginal
definition of discounting concept
Inelastic Supply Supply is said to be price inelastic if changes in price bring about changes in quantity supplied in less proportion. Thus, when price increases quantity sup
Tastes of the buyer must not alter Any alteration which takes place in the taste of consumers will in all probability thwart the working of the law of demand. It frequently hap
Rail Tours sells packaged tours on rail lines, including gourmet meals and a reserved bed. The most popular tours are in the autumn when colors are at their peak. The overnight pac
Explain factors determining elasticity of demand.
prepare a break-even analysis to determine volume required to cover costs with and without a specified profit target and price.
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