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What is Game Theory?
Game Theory is a mathematical method of decision-making in which a competitive situation is examined to verify the optimal course of action for an interested party, often used in political, economic, and military planning. It is also known as theory of games.
Solve equation P=200-Qs and Qs=4.5p +5
Methodology of econometrics involving three stages 1. Specification of the model using a specific stochastic equation, together with a priori theoretical expectations about th
Modern cost curves theory
What are the economies and diseconomics of scale?
plot the demand schedule and draw the demand curve for the data given for marijuana in the case above
What is meant by non Price Competition? In which market structure does it exist? None price competition is an effort put by the supplier to earn extra profit without enhancing
HOW TO REDUCE SMOKING USING INDIFFERENCE S AND BUDGETLINE
Factors of Production Factors of production are the resources that are utilized to manufacture goods and services: 1. Natural resources: The things developed by acts of n
How might governments use buffer stocks to stabilise prices? Explain/outline a buffer stock scheme in brief as a method for government (in this case) to warehouse (stock) goods
a) The production function of certain firm is given as Q = 40 K 1/2 L 3/4 A unit of capital and labour costs Kshs 44 and Kshs 36 respectively. The firm would like to maxim
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