Explain about econometric models
Explain about econometric models.
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Econometric Models:
Econometrics holds Economics and mathematics. This is the science of economic measurement. Econometrics describes past economic activity through deriving mathematical equations which will express the most probable inter-relationship among assets of economic variable. Through combining the relevant variable the econometricians proceed for predicting the future course of one or more of these variables upon the basis of established relations.
Define the term full cost concept.
What are the merits and demerits of Scarcity Definition of economics?
States the Welfare Definition in economics?
States the Delphi Survey method of Demand Forecasting?
The value of marginal product of a variable resource is marginal physical product of it multiplied with: (w) the marginal revenue from the sale of its addition to output. (x) its cost. (y) the price of the product. (z) one.
A cartel is: (a) an oligopoly model which relies on interdependence. (b) an organization of oligopolist firms behaving like a monopoly. (c) an organization of firms that jointly make decisions. (d) All of the above. Q : Most elastic to least elastic ranking For most kinds of labor, the most accurate ranking of labor supplies through most elastic to least elastic is most likely: (1) firm, small industry, occupation. (2) economy, individual, occupation. (3) firm, economy, occupation. (4) individual worker,
For most kinds of labor, the most accurate ranking of labor supplies through most elastic to least elastic is most likely: (1) firm, small industry, occupation. (2) economy, individual, occupation. (3) firm, economy, occupation. (4) individual worker,
Illustrates the economies of scale are categorization?
Define the areas of Scope of Managerial /Business Economics?
Illustrations of investments in human capital would comprise: (1) freeing slaves at the conclusion of the Civil War. (2) betting on the outcome of a professional wrestling match. (3) need people to pass a test on the U.S. Constitution before permittin
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