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Give short answer of following
(a) Economics as a science.
(b) Engineering Economics.
(c) Economic Problem.
(d) Meaning and characteristics of utility.
(e) Economic law.
For some time, two firms have charged $0.90 per standard unit of crating materials for shipping a particular type of machine tool and each has been selling about 20,000 units per m
Explain about the terms in perfect competition. Perfect Competition: a. A price-taking producer is a maker whose actions have no consequence onto the market price of the g
Determine the concepts of demand Demand always mentions to demand at price. The term 'demand' has no meaning unless it is related to price. For example, the statement, 'the
In the long run, because of the assumption of free entry and exit of the firms, it's not possible for the firms to make super-normal profits nor it is possible for them to incur lo
what are the objectives of a firm
Disadvantages of a Free Economy The free market gives rise to certain inefficiencies called market failures i.e. where the market system fails to provide an optimal allocation
SHORT RUN EQUILIBRIUM OF THE FIRM A firm is in equilibrium when it is maximizing its profits, and can't make bigger profits by altering the price and output level for its prod
what is objective
One lumber producer may locate a plant in the same area. If it does, there will be more competition for labor and the labor supply function facing Northern will shift to
Is Indian companies running a risk by not giving attention to cost cutting?n..
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