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Chapter 13 / PERFECT COMPETITION and THE SUPPLY CURVE 1. Joe Brown’s dairy operates in a perfectly competitive marketplace. Joe’s machinery costs $500 per day and is the only fixe
how advertisement affects the sales revenue of a form
Examples
The economic model forecasting involves estimating several simultaneous equations which are generally behavioural equation mathematical identities and market clearing equations. T
EOQ formula The EOQ equation assumes demand is constant and steady. It also assumes that demand for different items is independent. This is inappropriate for controlling inve
Define Nash equilibrium and explain with the help of the game ''prisoner''s dilemma''.
THEORY OF DEMAND: The consumer behaviour under indifferencecurve approach where it is assumed that the consumer possesses a utilityfunction. The next most important theory th
economic problems are faced by all types of economies but they are dealt with differently in different types of economies.discuss
what is traditional economy 2 features of traditional economy
The total demand consists of: 1. New owner demand and 2.A replacement demand The replacement demand tends to grow with the in the total stock with the consumers. Once a pe
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