Business Economics
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Importance of Economics:Economics has become one of the major branches of social sciences. This is of enormous practical value in our day by day life. In pure sciences, we study the subject
According to the equivalent share criterion of the distribution, individuals must: (1) Share income according to personal requirement. (b) All make equivalent shares of output. (3) Each consists of incomes equivalent to their productive output. (4) Re
Double coincidence of wants: This means that one person's wishing to buy and sell should coincide with another person’s wish to buy and sell.
Explain determining the types of the various products that will be produced?
The advocates of laissez-faire policies favor: (i) Govt. control of economy. (ii) Public ownership of all the resources. (iii) Income to be distributed according to requirement. (iv) Surpluses in the balance of trade. (v) Minimal govt. intervention in economy.
Illustrate Freedom of enterprise and choice exist?
What are the benefits and costs of Marginalism?
Difference between normal goods and inferior goods. Give illustration.
Explain the statement: “The other things equal assumption helps isolate key economic relationships.”?
A perfectly competitive firm produces 3,000 units of a good at a total cost of $36,000. The cost of each good is $10. Calculate the firm's short-run profit or loss. w) loss of $6,000. x) profit of $6,000. y profit of $30,000. z) There is insufficient
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