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Differentiate between firm and industry.
A firm is a business unit produced for the purpose of carrying out some kind of trading activity. The term "firm" is used in many ways, but the correct meaning is a business carried on under a trading style by partners. Many people use the term "firm" to embrace any business, i.e., Private Limited and Public Limited companies but this is technically incorrect. An industry is usually any grouping of businesses that share a common method of generating profits, such as the "movie industry", the "automobile industry", or the "cattle industry". It is also used specifically to refer to an area of economic production focused on manufacturing which includes large amounts of upfront capital investment before any profit can be realized, also known as "heavy industry."
Explain the how the classical school views the role of markets and government intervention in fighting business cycles The classical school believes in the smooth functioning o
discuss the implications of various market structure for price determination
A film studio in Hollywood produces movies according to the function q = F(K;L) = (2=100)K^0.5L^0.5 In the short run, capital (studios, gear) is xed at a level of 100. It costs $
The Bandwagon Effect - This is desire to be in style, to have a commodity because almost everyone else has it, or to indulge in it. - This is major objective of marketing an
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Services and goods that are used for their ultimate end purpose, meeting some human desire orneed. Consumption may include private consumption (by individuals, financed from their
Factors that calculate price elasticity of demand: The proportion of Income spent on the Commodity If the price of a good is relatively low such the expenditure on it is a
7.Consider the following production possibilities table: Option Y X A 0 100 B 80 80 C 120 50 D 140 10 a)Provide a measure of the approximate marginal opportunity cost of
Low levels of productivity: In addition to low standards of living, developing countries are characterized by relatively low levels of labour productivity. Throughout the dev
Define Nash equilibrium
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