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Productivity:Generally, productivity measures efficiency or effectiveness of productive effort. Productivity can be measured in several different ways. Physical productivity measures the actual amount of a service or good produced (for example tons of steel, or number of haircuts). Productivity can also be measured in terms of value of output. Most commonly, productivity is measured as the amount of output produced over a certain period of work (for example output per hour); this is considered a measure of labour productivity. Though other approaches are also possible, including measurements of capital productivity (output relative tothe value or physical quantity of invested capital) and ‘total factor productivity' (that is an abstract statistical measurement of the overall effectiveness of production)
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Socialist Economy: The material means of production are owned by the whole community represented by State under socialist form of economy. All members have equal right in the benef
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Demand Function The function capturing the dependent relationship between the price people are willing to pay for products or service and other factors related to that product
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Stackleberg Model : is another attempt at understanding the strategic decision making of oligopolistic firms. It derives its name from Heinrich Freiherr von Stackelberg whose brain
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Profit maximization is theoretically the most sound but practically unattainable objective of business firms. In the light of this statement critically appraise the Baumol’s sales
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