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Difficulties in Measuring Cost
1) Output data may represent an aggregate of different type of products.
2) Cost data may not include opportunity cost.
3) Allocating cost to a particular product may be difficult when there is more than one product line.
* Cost Functions and the Measurement of Scale Economies
- Scale Economy Index (SCI)
If demand goes down what happens to the equilibrium?
Closesubstitute goods: The number of closesubstitute goods The more substitutes of good has and the more close the substitutes are, the more elastic the demand for the good. Fo
How is microeconomics differed from macroeconomics? Microeconomics focuses onto how decisions are made through individuals and firms and the effects of those decisions. For exa
Earth is completely surrounded by thick envelope of gases called atmosphere. Atmosphere is sub divided into different layers depending upon the distance from the sea level. The
describe who gets hurt in a recession, and how.
Q. Can you explain Cost benefit analysis? A term used to explain analysis, which seeks to quantify in money terms as many of the costs and benefits of a policy or project as po
how distribution is arranged to provide customer service
Xd(Px)=5000-100Px
WHAT ARE ROLE AND ASUMPTIONS OF ECONOMIC THEORIES
discuss the implications of various market structures(competitive and non-competitive) for price determination
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