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Q. What is Transport and Storage Economies?
As the output increases, unit cost of transportation of raw materials, intermediate products and finished products fall. This is for the reason that a large firm may be able to decrease transport costs by having their own transportation means or by using larger vehicles. In the same way, as the size of the firm increases storage costs will also fall.
State the Meaning of managerial economics Managerial economics, used synonymously with business economics, is a study of economics that deals with the application of microecono
An optimum Population Countries are often described as under populated or overpopulated. From the economist's viewpoint these terms do not refer to the population density (i.
Describe the Optimisation of managerial economics Optimisation techniques are perhaps the most vital to managerial decision making. Given that alternative courses of action are
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
explain how income flows in governed economy
Explain about Pragmatic Managerial economics is pragmatic. In pure micro-economic theory, analysis is performed based on certain exceptions that are far from reality. Though in
Autonomous Expenditure Also called Exogenous expenditure, is any expenditure that is taken as a constant or unaffected by any economic variables within our theory. For instan
A profit-maximizing firm faces the following options for hiring workers: a) Assume the firm has limited space so that it can only hire one worker. Which type of employee sh
Explain the limitations of managerial economics
free trade promotes a mutually profitable regional division of labour greatly enhances the potential real national product ofall nations and makes possible higher standards of livi
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