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Optimum combination of resources
The firm can maximise output given costs. That is when the entrepreneur attains the highest isoquant given a particular Isocost.
At the point of tangency the absolute slope of Isoquant will be equal to the slope of the Isocost. Two conditions should however prevail, namely:
i. The necessary condition is that
w/r = MPL/MPk or MPL/PL = MPk/Pk
ii. The sufficient condition is that the Isoquant must be convex to the Isocost point of Tangency.
Fundamental of managerial economic
Determine the Application of managerial economics Application of managerial economics isn't restricted to profit-seeking business organisations. Tools of managerial economics
Concept of Managerial Economics The discipline of managerial economics deals with characteristics of economics and tools of analysis that are used by business enterprises for dec
Problem : (a) Describe inflation and discuss its origin using Classical and Keynesian theories. (b) Describe with diagram how can inflation occur in an economy with substant
Given a saving function of S = -25 + .2Yd, a $10 billion enhance in government spending will bring about how many dollars of change in consumption?
Q.2. On the basis of the analysis of the case above, what is your opinion about legalizing marijuana in Canada ?mum 100 words accepted#
williamson''s model describe
A company is selling a particular brand of tea and wishes to introduce a new flavor. How will the company forecast demand for it.
Income elasticity of demand The income elasticity of demand measures the degree of responsiveness of the quantity demanded of a product to changes in income. Its co-efficient
Monetary policies This is the direction of the economy through the variables of money supply and the price of money. Expanding the supply of money and lowering the rate of in
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