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(a) Define and explain, using diagrams, consumers' surplus; producers' surplus and total surplus that a society can derive from production and consumption of a good at a particular price.
(b) Explain why these surpluses are maximised at the equilibrium output and price only in a purely competitive market.
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
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explain the role of managerial economist
is indian companies running a risk by not giving attention to cost cutting?
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