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Opportunity cost is cost of a different that must be forgone in order to pursue a definite action. Put another way, the advantages you could have received by taking an alternative action. Concept of opportunity cost is central to economics due to it reminds us that every day we each have choices to make and for every choice, that we make there is a second best option that we forego{that we pass up}
what are functions of management
In the long run, because of the assumption of free entry and exit of the firms, it's not possible for the firms to make super-normal profits nor it is possible for them to incur lo
Disadvantages of Perfect Competition There is a great deal of duplication of production and distribution facilities amongst firms and consequent waste. Economies of sc
What are the significant tools of the perfect competition and the supply curve? Perfect Competition and the Supply Curve: a. In Perfect competition the characteristics of a
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Describe and answer in economic terms a managerial decision you have knowledge about (for example one that has to be made at your place of employment). Some examples of decisions a
assignment
critically analysis the profit maximisation theory of business firm and illucidet the role of profit in business
cvp analysis
The demand for good X is estimated to be: where p x price of X in dollars M = personal disposable income in trillions of dollars per year P y = price of a competitive in do
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