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Define the simple statistical concepts of average
Simple statistical concepts of average (mean) and standard deviation are used. Estimating a relationship among variables needs a more advanced statistical technique. For instance, a firm may desire to estimate its cost function which means the relationship between cost concept and level of output. A firm can also wish to demand function of its product which is the relationship between demand for its product and factors which influence it. Estimates of costs and demand are generally based on data supplied by the firm. Statistical estimation technique used is known as regression analysis and is used to engender a mathematical model showing how a set of variables are related. This mathematical relationship can also be employed to produce forecasts.
Direct Action Direct action in more than one from has been employed by the central banks either as an alternative to their discount rate policy or open market operations or tog
Q. Explain Mark-up pricing? In addition to using above methods to conclude a firm's optimal level of output, a firm can also set price to maximise profit. Optimal markup rules
what are the four factors that lead to diseconomies of scale.
Direct control and Moral Suasion Without actually using the above weapons, the central bank can attempt simply to use "moral suasion" to persuade the commercial banks to restr
Q. Illustrate Fiscal Monopoly? Fiscal Monopoly: To stop exploitation of consumers andemployees, government nationalises many industries and obtains fiscal monopoly power ove
PHILLIPS CURVE The Phillips curve, named after A. W. Phillips, describes the relationship between unemployment and inflation. In 1958 Phillips, then professor a
structure of managerial economics
Importance of Cross Elasticity Knowledge of cross elasticity is necessary when the government wants to impose a tariff on an imported commodity to protect a domestic industry.
Discuss the full cost pricing and marginal cost pricing method. Explain how the two methods differ from each other.
Q=5K0.4 L0.6 WHERE K is number of mchine,L s number of labour, price of unit is RM24 & wages og each lanour rm12. the company constraint by it budget rm 1500 per time period. a) co
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