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Question: i) If X and Y are different processes producing the same commodity and the joint total cost (TC) is given by: TC = X 2 + 2Y 2 - 3XY Using Lagrange Multiplier,
Advertising expenditure must remain the same If advertising expenditure of a firm increases, consumers may be tempted to buy more of its product. Hence the advertising expendit
what is a firm
PRODUCT DIFFERENTIATION Product differentiation describes a situation in which there is a single product being manufactured by several suppliers, and the product of each su
Ann owns a lawn-mowing company. She has 400 lawns she requires to cut every week. Her weekly revenue from these 400 lawns is $20,000. Given an 18-inch-deck push mower, a laborer ca
Question : i) Consider a discriminating monopolist is selling a product in two separate markets in which demand functions are: P 1 = 6 - Q 1 P 2 = 18 - 2Q 2 The mono
How relevent is managerial dicretion in developing countries?
100 schools are given exactly one million dollars each in grant money. They can spend the money on any or all of three programs: math tutoring (math), kickball lessons (kickball),
TYPES OF BUDGETS 1. Deficit budget If the proposed expenditure is greater than the planned revenue from taxation and miscellaneous receipts, this is a budget defic
TERMS OF TRADE The relation between the prices of a country's exports and the prices of its imports, represented arithmetically by taking the export index as a percentage of t
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