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Real and nominal measures
Output, Expenditure and Income can be valued at current market price in which case we speak, for example, of money or Nominal NNP, or NNP valued at current prices. Changes from one year to another are then a compound of changes in physical quantities and prices. Output, Expenditure and Income can also be valued at the prices ruling in some base year. In this case, each year's quantity is priced at its base-year prices and then summed. We then speak, for example, of GDP at constant prices, or REAL GDP. Changes in constant-price GDP give a measure of real or quantity changes in total output.
ECONOMIC EFFECTS OF TAXATION a. A deterrent to work Heavy direct taxation, especially when closely linked to current earnings, can act as a serious check to production
define scarcity and oppurtunity cost.show how these concepts are useful in managerial decision making
Q. Show the example on transaction cost theory? Coase begins from standpoint that markets could in theory carry out all production and that what needs to be illustrated is th
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summary of principle of time perspective?
determine points in units and reorder quantity normal sales=2 month; reorder time=15days; max stock=6 units; safety stock=1 unit ( based on 95% customer''s satisfaction )
Weapons of Conflict The trade unions and the employers (or their associations) have many ways of enforcing their demands on each other. They include: Strikes: The stri
gap between economic theory and business practice
SHORT RUN EQUILIBRIUM OF THE FIRM A firm is in equilibrium when it is maximizing its profits, and can't make bigger profits by altering the price and output level for its prod
A firm in a perfectly competitive market invents a new situation of production that lowers its marginal costs. What happens to its output? What happens to the price it charges?
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