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To what extent has the IMF achieved its objectives? The objective of achieving full convertibility of currencies has not been achieved. In the first place countries impose re
Q. Explain Price elasticity and total revenue? Given the relationship between price elasticity and marginal revenue of demand in Eq. II, the decision-makers can simply know whe
Factors influencing Supply Curve State of technology There is a direct relationship between supply and technology. Improved technology results in more supply as with
CHARACTERISTICS OF THE THREE STAGES Stage I Here the Total Physical Product, Average Physical Product and Marginal Physical Product are all increasing. However MPP
PRINCIPLES OF AN OPTIMAL TAX SYSTEM When taxes are imposed certain conditions must be fulfilled. These conditions are known as Principles or canons of taxation. According to
Explain about the Pricing analysis Microeconomic methods are employed to examine lots of pricing decisions. This includes transfer pricing, price discrimination, joint product
Indifference Curve Analysis In the 1930s a group of economists, including Sir John Hicks and sir Roy Allen, came to believe that cardinal measurement of utility was not necess
Q. Explain the Short run production function? Discussion of production up to now has ignored the time required to build production facilities. There is a requirement to take in
Q. Causes for diseconomies of scale? The most significant cause for diseconomies of scale is the diminishing returns to management. As the output grows beyond certain level the
Q. Concept of economies of scale? Economies of scale refers to the cost advantages that a business attains because of expansion. 'Economies of scale' is a long run concept and
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