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Profit as rent of ability: one of the most widely known theories of profit was propounded by F.A. Walker. According to him profit is the rent of is the difference between the earnings of at least and the most fertile land. Profit is the difference between the formulating his profit theory, Walker and as the most efficient enterprises in formulating his profit theory each firm summed a state of perfect competition in which all firms are presumed to possess equal managerial ability. Each firm would receive only the wages of management which, in walker's view, forms no part of pure profit. He regarded wages of management as ordinary wages. Thus under perfectly competitive conditions, there would be no pure profit and all firms would earn only managerial wages, which is popularly known as "normal profit".
Ingrid and Jeff would like to use Saturday night together but have dissimilar tastes in entertainment. Jeff would like to go to the opera but Ingrid would prefer to see soccer. As
Characteristics of Money Over time, therefore, it became clear that for an item to act as money it must possess the following characteristics. Acceptability If
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WASTE IN IMPERFECT COMPETITION Monopolistic competition involves some degree of waste in two aspects. When new firms enter the industry and the demand for the individual fi
A monopolist faces a straight line demand curve which passes through the point Rs 10 per ton on the price-cost axis and through the point 8000 tons on the quantity axis. The fir
A firm's technology needsit to combine 5 person-hours of labor with 3 machine-hours to make 1 unit of output. The firm has 15 machines in place and the wage rate rises from $10 per
Define the Managerial economics Managerial economics is thus a study of application of managerial skills in economics. It assists in determining, anticipating and resolving po
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The market demand for brand X has been estimated as Qx=1500-3Px-0.05I-2.5Py+7.5Pz
You have recently gained employment with a computer consultancy company. Due to your specialist knowledge in the areas of Human Factors and usability, your manager considers that y
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