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Organization for Economic Development (OECD)
An international organization found in Paris France in 1961, to act as a worldwide forum to stimulate world trade and economic development. The OECD's membership consists of the world's developed countries like Austria, Australia, Belgium, Denmark, Canada, France, Finland, Greece, Iceland, Ireland, Italy, Luxembourg, Japan, the Netherlands, New Zealand, Spain, Norway, Sweden, Portugal, Switzerland, Turkey, United Kingdom and last is The United States.
diagram of a perfect competition
ISOQUANT ANALYSIS In the long run it is possible for a firm to produce the same output using different combinations of two factors of production. For instance it the two fact
Economics for Accountants A few teachers and some students have questioned the rationale for including economics in a course of study for professional accountants. In order to
WASTE IN IMPERFECT COMPETITION Monopolistic competition involves some degree of waste in two aspects. When new firms enter the industry and the demand for the individual fi
Perfectly Elastic Supply Supply is said to be perfectly or infinitely elastic if the price is fixed at all levels of demand. The demand curve has been shown in the above diag
For all regular goods, income elasticity is positive though the degree of elasticity fluctuates as per the nature of commodities. Consumer goods are generally categorised under thr
Calculate point elasticity of demand for demand function Q=10-2p for decrease in price from Rs 3 to Rs 2
Let Consider the following (familiar) equation which estimates the number of hours of sleep / year that someone gets as a function of hours worked / year (total work), education (
what is the full concept of discounting principles of managerial economics ?
Oligopoly can be characterized as follows: Small Number of Sellers: There are more than one sellers of a product though; the number isn't so huge in order to produce perfect
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