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Uses of Indifference Curve Analysis Indifference curve analysis is useful when studying welfare economics as follows: They are used to indicate the amount of income and
Income Elasticity of different consumer goods Commodities Coefficient of income elasticity Impact on expenditure Necessities
Arguments for Uneven Distribution of Income and Wealth The basic economic argument to justify large income inequality was the assumption that high personal and corporate income
Average Revenue (AR) This is the revenue per unit of the commodity sold. It is obtained by dividing Total Revenue by total quantity sold. For a firm in a perfectly competiti
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
Write the forecasting techniques There are many forecasting techniques available to person assisting the business in planning its sales. Take for instance a forecasting metho
Economics contributes a great deal with towards the performance of managerial duties and responsibilities. Just as biology donates to the medical profession and physics of engineer
A company is selling a particular brand of tea and wishes to introduce a new flavor. How will the company forecast demand for it.
how it is revalent?
monopolistic competition
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