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it is necessary for the proper understanding of the price theory to know the various concepts of cost that are often employed when an entrepreneur
supply of a commodity is functionally related to its price the law of supply rated to this function relationship between price of a commodity and its
demand is defined as a schedule of the quantities fo good that will be purchased at various prices similarly the supply refers to the schedule of the
question explain the contribution of capital accumulation in the progress of an economycapital makes the technological progress of the economy
capital make large scale production and greater degree of specialization possible thus with capital accumulation the advantages of large scale
production without capital is hard for us even to imagine nature cannot furnish goods and materials to man unless he has the tools and machinery for
before explaining returns to scale it will be instructive to make clear the distinction between change in the scale and changes in factor proportions
an increase in the scale means that all inputs or factors are increased in a given proportion increase in the scale thus occurs when all factors or
average product of a factor is the total output produced per unit of the factor employed thusaverage product total product number of units of
the act of production involves the transformation of inputs into output production is a transformation of physical inputs into physical inputs into
the concept of opportunity cost occupies a very important place in modern economic analysis the opportunity cost of any good is the next best
trade union can also pay a useful role in improving the wages of the workers without causing adverse effects on employment this case which is
the role of trade union to improve the lot of the workers is also important when there prevails the conditions of monopsonisitc discrimination is
theories of chamberlinrsquos monopolistic competition and joan robinsonrsquos imperfect competition have revealed that a firm under monopolistic
perfect competition and monopoly are rarely found in the real world and thus they do not represent for the most part the actual market situations
it is important to understand the important characteristics of monopolistic competition the knowledge of these features will enable the students to
marginal rate of technical substitution in the theory of production is similar to the concept of marginal rate of substituent to in the indifference
suppose nominal gdp increases from 58 trillion to 6 trillion the gdp deflator rose over that same year by 39 percent by what percent does the real
yao3939s weekly demand for basketballs is given by qd 3-p2 where p is the price of basketballs at the current price yao3939s demand for basketballs
demand analysisdemand analysis is undertaken to forecast demand which is a fundamental constituent in managerial decision-making demand forecasting
enumerate the scope of managerial economicsthe scope of managerial economics contains following subjects 1 the theory of demand2 the theory of
takes the help of macroeconomicsmanagerial economics incorporates certain aspects of macroeconomic theory these are important to comprehending the
pragmatic managerial economics managerial economics is pragmatic in pure micro-economic theory analysis is performed based on certain exceptions
what is normative economicsit is concerned with varied corrective measures that a management undertakes under lots of circumstances it deals with
determine the uses of managerial economics managerial economics studies the application of the principles methods and techniques of economics to