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Neo Classical vs Keynesian School We know that Keynesian economics was propounded as a revolution against the then prevailing orthodoxy of the classical school. In time,
Factors determining Elasticity of demand Ease of substitution. Nature of the commodity i.e. whether it is a necessity of life, luxury or addictive. Consumers
OBJECTIVES OF GOVERNMENT Government policies are required in market economies to achieve certain goals. There are broadly two types of government policies viz; Microeco
discuss the significance of managerial economics in regards to business strategies employed by business entities currently operating in the global economy
Problem: (a) (i) Assuming that a household uses a subjective discount rate of 10%, calculate the amount that she must spend on consumption per annum during her years of existe
is the sales maximization applicable
EFFICIENCY-WAGE THEORIES OF UNEMPLOYMENT Efficiency wage theories are clearly non-Walrasian theories in as much as they postulate payment of wages that are higher than m
Managerial economics according to Mote and Paul "Managerial economics refers to those aspects of economics and its tools of analysis most relevant to the firm's decision-making
How does economic theory contribute to managerial decisions?
Structural unemployment Caused by structural changes such that there exist: Cyclical unemployment : During depression, prices are too low and profit margins remain d
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