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gap between economic theory and business practice
explain the law of demand. briefly discuss the exception to the law of demand
Theories of wage determination Early theories about wages The earliest theories about wage determination were those put forward by Thomas Malthus, David Ricardo and Karl
explain marris model
The Firm The unit that uses factors of production to produce commodities then it sells either to other firms, to household, or to central authorities. The firm is thus the uni
Ask questiHow does economic theory contribute to managerial decisions? on #Minimum 100 words accepted#
Internal and External factors of business operation External factors : A firm can't exercise any control over these factors. Thepolicies, plans and programmes of the firm m
Average Revenue (AR) This is the revenue per unit of the commodity sold. It is obtained by dividing Total Revenue by total quantity sold. For a firm in a perfectly competiti
THE LAW OF DIMINISHING RETURNS (LAW OF VARIABLE PROPORTIONS) One of the most important and fundamental principles involved in economics called the law of diminishing return
Income Elasticity of different consumer goods Commodities Coefficient of income elasticity Impact on expenditure Necessities
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