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Q. What is Technical Economies? The significant technical economies result from the use of specialised capital equipment that comes into effect only when output is produced on
Properties of Indifference Curves An indifference curve is usually convex to the origin. Indifference curves slope downwards from left to right. A set
Q. What do you mean by Market Structure? Market economy pricing is conditioned by market structure. There are various forms of market structures. Perfect competition is accorde
What is increasing marginal cost? Felix’s marginal cost is greater the more lawns he has previously mowed. It is, every time he mows a lawn, the extra cost of doing still anoth
Explain the demand for a commodity The functional relationship between demand for a commodity and its various determinants may be expressed mathematically in terms of a demand
Frank H. Knight treated profit as a residual return to uncertainly profit. Obviously knight made a distinction between risk and uncertainly he divided risk into calculable and non-
I would like to get the answer to the question - Weston Industrial Manufacturing Products ("WIMP") has the capability to produce a variety of industrial products, including a numb
No demand forecasting method is 100% accurate. Collective forecasts develop precision and reduce the probability of huge mistakes. Methods which relay on Qualitative Assessmen
Plot the demand schedule and draw the demand curve for the data given for Marijuana in the caseabove.
Suppose that the present level of income in the economy is $700 billion. It is determined that in order to decrease the unemployment rate to the desired level, it will be essential
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