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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.
MRTS and Marginal Productivity The change in output from change in labor equals: The change in output from change in capital equals
Why might an oligopoly be reluctant to change its price? When some large firms have high total market share and are non-collusive, there is a strong element of interdependency.
Second degree price discrimination (two part-tariff) An electric utility in Ontario has the following cost structure: TC = 500 + 20Q Suppose that the market (inverse o
Just in Time Scheduling - JIT JIT techniques are being widely adopted by operations managers in manufacturing companies in the West. JIT ideas have not only had a profound im
The prevention of major swings in economic activity can be handled most easily by the
With the recession, average incomes have fallen from $44,375 to $41,720. Before the recession Groucho's Gizmos sold 600 gizmos a month. As an economics, predict the number of gizm
characteristics of microeconomics
What the definition of microeconomic
List and describe the determinants of the price elasticity of demand and of supply.
What is International Trade Economics, Explain study area of international trade economics.
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