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SHORT-RUN EQUILIBRIUM
All firms are assumed to aim at maximizing profits or minimizing losses. The monopolist controls his output or price, but not both.
The monopoly maximizes profits where: MR = MC (the necessary condition of profit maximisation)
He cannot produce at less than Qo because MR will be greater than MC. The monopolist will determine his output at Q Xo and set the price at Po and his total Revenue is OQo X OPo and the to total cost will be OCo X bQo and abnormal profits Po CO AB
Define the Managerial economics Managerial economics is thus a study of application of managerial skills in economics. It assists in determining, anticipating and resolving po
Q. Illustrate about Pecuniary economies? Pecuniary economies (which is monetary economies) are those economies accrued by the firm from paying lower prices for the factors used
explain critically growth maximisation model of morris ?
(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
Discuss the price output determination using profit maximization under perfect competition in the short run.
monopoly
Q 3. What is Demand Forecasting? Explain in brief various methods of forecasting demand.
explain the law of demand
critically analyze the firm''s theory of profit maxmization
Calculate point elasticity of demand for demand function Q=10-2p for decrease in price from Rs. 3 to 2
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