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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.
explain the various marginal uses and limitations of break even poin?
Insurance - Risk averse are willing to pay to keep away from risk. - If cost of insurance equals expected loss, risk averse people will buy sufficient insurance to totally r
what is the Theory of second best? Prove the theorem with the help of digram
• Production Function . The factors of production have to be combined in a particular manner to produce a certain product. Think of baking a cake which involves mixing fixed propor
Q. What is Economic efficiency? Economic efficiency Explain a situation where the total value of the end uses, to which the resources are put, is maximised. A consequence is th
I don''t really understand how scitovsky contour is formed.
Explain why each of the following factors may influence the own price elasticity of demand for a commodity. (i) Consumer preferences, that is, whether consumers regard the commod
Type of total outlay
List four characteristics of monopolistic competition
All other things equivalent, the higher the proportion of income spent for the commodity more price elastic will be the demand. Most home owners are recognizable with how this de
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