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What is optimal output rule?
Optimal output rule:
According to the optimal output rule, describe that profit is maximized through producing the quantity of output at that the marginal cost of the final unit produced is equivalent to its marginal revenue.
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
Opportunity Cost This is the amount that is sacrificed when choosing one activity over the next-best alternative. In organization, an example of opportunity cost is seen in th
The computer graphics chip industry is one with a little number of competitors that earn normal economic profit. Two chip manufacturers, NVIDIA and ATI both face the prospect of lo
Functions of the Budget The budget fulfils three main functions: To raise revenue to meet government expenditure The government of a country provides certain se
Resource allocation in a free enterprise Although there are no central committees organising the allocation of resources, there is supposed to be no chaos but order. The major
gap between economic theory and business practice
Consider a manufactured good whose production process generates pollution. The annual demand for the good is given by Qd=100-3P. The annual market supply is given by Qs=P. In both
Explain in brief the relationship between TR,AR and MR under perfect market condition.
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State the Traditional demand theory So an over-simplified and the most commonly stated demand function is: Dx = f (PX) thatconnotes that demand for commodity X is the function
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