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(a) Define and explain, using diagrams, consumers' surplus; producers' surplus and total surplus that a society can derive from production and consumption of a good at a particu
Indifference curves In order to explain indifference curves, we will again make the simplifying assumption that the consumer buys two goods, x and y. The table below gives
Q. Explain about Inventory Economies? Inventory Economies: Role of inventories is to aid the firm in meeting random changes in the output and the input sides of the operations
a) A reduce in supply and an enhance in demand will cause the equilibrium: b) Which of the following is most likely to cause a reduce in the present demand for some product X
define scarcityand oppurtunity cost.show how these concepts are useful in managerial decision making
State the Demand analysis Analysis of demand is assumed to forecast demand that is a basic component in managerial decision-making. Demand forecasting is of importance since
Explain Managerial economics according to Mote and Paul Haynes, Mote and Paul: "Managerial economics refers to those characteristics of economics and its tools of analysis mos
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
Suppose that, in their divorce settlement, Ashton Kutcher offers Demi Moore $16 million spread evenly over 8 years (with the 1st payment upfront and the 2nd payment at the end of y
What is optimal output rule? Optimal output rule: According to the optimal output rule, describe that profit is maximized through producing the quantity of output at that th
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