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Utility Analysis or Cardinal Approach: The Cardinal Approach to the theory of consumer behavior is based upon the concept of utility. It assumes that utility is capable of meas
Management Decisions: An effective demand forecast assists the management to take suitable steps in factors which are relevant to decision making like plant capacity, raw-material
Let consider the economy (above) again where the following set of stocks is traded: x 1 =(2,2,0) x 2 =(1,0,3) x 3 =(0,2,4) for the prices (p 1 , p 2 , p 3 )=(1,
Q. What do you mean by Theory of Firm? Microeconomics especially the theory of firm, assumed importance and attracted considerable attention in the early 20 th century. This sh
The acme paper company lowers its price of envelopes (1000 count) from $6to $5.40.
#quest Describe the oligopoly market structure and give some examples.ion..
the benefits of exchange in the light of the law of association, the introduction of money in direct exchange and way income gets distributed among market participants
How does economic theory contribute to managerial decisions
NATIONAL INCOME AND STANDARDS OF LIVING Standard of living refers to the quantity of goods and services enjoyed by a person. These goods may be provided publicly, such as in t
Discuss the full cost pricing and marginal cost pricing method. Explain how the two methods differ from each other.
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