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What is Normative economics
It is concerned with varied corrective measures which a management undertakes under different circumstances. It deals with goaldevelopment, goal determination and achievement of these goals. Policy-making, Future planning, optimal utilisation and decision-making of available resources comes under the banner of managerial economics.
What is Microeconomics It studies the principles and problems of an individual business firm or an individual industry. It services the management in evaluating and forecasting
Let there be two consumers A and B, each buying at most two units of a good. A values having one unit at £10 and having two units at £12 whereas B values having one unit at £8 and
Define the term forecasting As the term 'forecasting' may appear technical, planning for future is a critical aspect of managing any business or anorganisation. The long-term
Determine the Market demand curve Market demand curve is the horizontal summation of individual demand curves. The individual demand schedules plotted graphically and summed up
incremental raising
Relationship between AC, AVC, AFC and MC is elucidated graphically by drawing respective cost curves in Figure below. Behaviour of cost curves is elucidated below. Figure:
The Economics of Population Population issues became matters of economic concern when it became increasingly apparent that the problem of excess population may be a serious ob
Q. Analysis of team production? Harold Demsetz and Armen Alchian's analysis of team production is a clarification and amplification of earlier work by Coase. According to them,
firms both in monopolistic and perfect competition tend to make normal profits but why do they criticize only monopolistic competition
TRADE UNIONS Trade unions are workers' organizations whose objective is to protect the interests of their members. Functions i. To bargain on behalf of their mem
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