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Consumer Demand is how much of something that consumers are wanting. A company requires to know the consumer demand so they know how much of a product to build.
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
what is objective
Q. Define the Natural Monopoly? Natural Monopoly: Natural monopoly is because of natural factors. For illustration, a particular raw material is concentrated at a specific pl
Calculate point elasticity of demand for demand function Q=10-2p for decrease in price from Rs. 3 to 2
explain the supply function and importance of supply analysis in brief
who are the contributors in economics and what they contribute in economics
arguments in favour of traditional theory of profit maximization
“Managerial economics involves use of economic analysis to make business decisions involving the best use of a firm’s scarce resources” Explain the statement with suitable example.
FACTORS RESPONSIBLE FOR WAGE DIFFERENTIALS WITHIN THE SAME OCCUPATION i. Differences in the environment: For example a doctor sent to North Eastern Province must be pai
Income and Substitution Effects of Price Change When the price of a commodity falls the consumer's equilibrium changes. The consumer can purchase the same quantity of X and Y
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