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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
Q. Explain the concept of demand function? Identical to the demand theory which pivots around the concept of demand function, theory of production revolves around the concept o
Calculate point elasticity of demand for demand function Q=10-2p for decrease in price from Rs 3 to Rs 2
In the national income analysis, investment refers to the value of than part of the aggregate output for any given time period which takes the form of construction of new structure
Keynesian unemployment According to Keynesian theory of income and employment, unemployment occurs due to lack of effective demand. If effective demand is less, production of
Schumpeter Description According to Schumpeter, a cycle represents wave like deviations in business activity from the equilibrium or trend line. There are equilibrium points an
Location problem in the plane: In Kent, the council to respond to the people and government needs, it decided to establish 3 community care homes. The towns are recorded with t
THE BUDGET The budget is a summary statement indicating the estimated amount of revenue that the government requires and hopes to raise. It also indicates the various sources
Consumer Demand is how much of something that consumers are wanting. A company requires to know the consumer demand so they know how much of a product to build.
State about Managerial economics Managerial economics is a discipline which is designed to facilitate a solid foundation of economic understanding for business managers and al
The demand for good X is estimated to be: where p x price of X in dollars M = personal disposable income in trillions of dollars per year P y = price of a competitive in do
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