what is meant by equi-marginal concept, Managerial Economics

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what is meant by equi-marginal concept

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Marginal revenue (mr), Marginal Revenue (MR) This is the increase in T...

Marginal Revenue (MR) This is the increase in Total Revenue resulting from the sale of an extra unit of output.  Thus, if TR n-1 is Total Revenue from the sale of (n-1) units

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Q. Show the Isoquant touching axis? Isoquants do not intersect: By definition isoquants such as indifference curves, can never cut each other. If they cut each other it will

Derive from production and consumption, (a) Define and explain, using dia...

(a) Define and explain, using diagrams, consumers' surplus; producers' surplus and total surplus that a society can derive from production and consumption of a good at a particu

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Actual income and Full employment income Full employment income (Also called Potential National) is the national income that could be produced when the country's factors of pr

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Discuss the price output determination using profit maximization under perfect  competition in the short run.

Total cost (tc), Total Cost (TC) This is the sum of fixed costs and va...

Total Cost (TC) This is the sum of fixed costs and variable costs i.e. TC = FC + VC.

Transfer payments, Transfer Payments Are any payments made to househol...

Transfer Payments Are any payments made to households by the government that are not made in return for the services of factors of production i.e. there is no Quid pro Quo.  S

What is managerial economics according to mcgutgan and moye, What is Manage...

What is Managerial economics according to McGutgan and Moye McGutgan and Moyer:  "Managerial economics is the application of economic theory and methodology to decision-making

To what extent has the imf achieved its objectives?, To what extent has the...

To what extent has the IMF achieved its objectives? The objective of achieving full convertibility of currencies has not been achieved.  In the first place countries impose re

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