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What is Risk and Production analysis
Risk analysis: Various models are used to quantify risk and asymmetric information and to employ them in decision rules to manage risk.
Production analysis: Microeconomic methods are used to analyse production efficiency, optimum factor allocation, costs and economies of scale. They are also utilised to approximation the firm's cost function.
p=10, TC= 1000+2Q+.01Q^2, Q=?
Planned Economy Is a system where all major economic decisions are made by a government ministry or planning organisation. Here all questions about the allocation of resources
Buffer stocks and stabilization funds In this case the government buys up part of the supply when output is excessive, stores this surplus, and resells it to consumers in time
Variable Costs (VC) These are costs, which vary with the level of production. The higher the level of production, the higher will be the variable costs. They are associated
a) A change in demand means that: b) On the production-possibilities drawing, unemployment is represented by:
Ajax has the following short run cost curve when tc=800000-5000Q+100Q2
The elasticity of a demand curve is frequently judged by its appearance: the flatter the demand curve, the greater the elasticity and vice versa. However this conclusion is mislead
calculate point elasticity of demand for demand function q=10-2p for decrease in price from rs 3 to rs 2
encrimetal concepts
The production function of a small shop that frames pictures is Q = 5 √ LK where Q is the number of pictures framed per day, L is labor hours and K is the machine hours.
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