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Q. Product of marginal revenue? MRPL is the product of marginal revenue and marginal product of labour or MRPL = MR x MPL. • Derivation: MR = ?TR/?Q MPL = ?Q/?L
Q. Types of production function? Production function is of two different forms: The variable proportion production function The fixed proportion production functio
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Structural unemployment Caused by structural changes such that there exist: Cyclical unemployment : During depression, prices are too low and profit margins remain d
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
Factors influencing Exchange Rates i. Inflation: Other things being equal, a country experiencing a high rate of inflation will experience a lower demand for its goods whil
Gross Domestic Product A measure of national economic activity, GDP is measured from two approaches. GDP can be viewed as the total value of all goods and services produced in
business decision making concepts of certainity risk unertainity sources of business risk steps invoived in analysiis of risky decisions risk adjustment etc
The UN's Integrated Programme for Commodities Most of the political pressure for ICAs comes from spokesmen for the developing countries. This is reflected in countless resolu
Q. Explain about Utility analysis? A subset of consumer demand theory which analysis consumer behaviour and market demand employing marginal utility and total utility. Key prin
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