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Define scarcity and opportunity cost. Show how these concepts are useful in managerial decision making
plot the demand schedule and draw the demand curve for the data given for marijuana in the case above
WAGE DETERMINATION, POLICY AND THEORIES Wages and salaries are rewards to labour as a factor of production of goods and services. In ordinary speech a distinction is frequent
Describe the Status goods of law of demand The law doesn't concern the commodities that function as a 'status symbol', add to the social status or exhibit prosperity and opulen
Country A has a fixed exchange rate with country B. Due to a recession in country B, demand for A's goods falls. Draw what would happen on the graph below. On the graphs, draw what
INTERNATIONAL TRADE Definition It is the exchange of goods and services between one country and another. International Trade can be in goods, termed visibles or in servi
Calculate point elasticity of demand for demand function Q=10-2p for decrease in price from Rs 3 to Rs 2
Assignment
How does economic theory contribute to managerial decisions?
Theories associated with different market structures A firms profit maximising output decisions take into account the market structure under that they operate. There are 4 type
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