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Contributions of economic theory to business economics
According to Baumol, there are 3 key contributions of economic theory to business economics.
1. Practice of building analytical models that help in recognising the structure of managerial problems and eliminating minor details which may obstruct decision-making has been derived from economic theory. Analytical models assist in eradicating peripheral problems and assist the management in retaining focus on core issues.
2. Economic theory comprises a founding pillar of business analysis- 'a set of analytical methods' thatmay not be applied directly to specific business problems however they do improve the analytical capabilities of business analyst.
3. Economic theories provide an unequivocal perspective on several concepts used in business analysis, thatenables the manager to swerve from conceptual pitfalls.
Assumptions of Monopolistic Competition Monopolistic competition as the name implies, combines features from both perfect competition and monopoly. It has the following featu
Demand Schedule The law of demand can be explained through a demand schedule. A demand schedule is a series of quantities that consumers would like to buy per unit of time at d
example problems for the types of pricing
According to J.B. Clark's profits arises in a dynamic economy, not in a static one. A static economy is one in which there is absolute freedom of competition population and capital
Write about International economic integration of the Republic of Moldova
Plot the demand schedule and draw the demand curve for the data given for Marijuana in the case above.
Q. Explain about isocost line? In economics, an isocost line signifies all combinations of inputs that cost the same total amount. Though, similar to the budget constraint in c
Question : i) Consider a discriminating monopolist is selling a product in two separate markets in which demand functions are: P 1 = 6 - Q 1 P 2 = 18 - 2Q 2 The mono
a) A change in demand means that: b) On the production-possibilities drawing, unemployment is represented by:
Disadvantages of product differentiation a) Product differentiation generally reduces the degree of competition in the market. It does this in two ways: i.
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