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Explain about the optimal consumption rule.
The optimal consumption rule:
While a consumer maximizes utility, the marginal utility per dollar spent should be similar for all goods and services into the consumption bundle.
MUC/PC = MUP/PP
Using commodities as an example, explain the factors influencing the PES for such goods. The basic determinants of PES are time span included and the availability of producer s
Define the returns to scale in production technology. Returns to scale in production technology: Assume that we are using some vector of inputs x to generate some output y a
objective of afirm
Materials Requirements Calculations - MRP System MRP is a computer-based 'engine' which carries out calculations in order to determine: What is needed, and When i
bvbnm
Explicit cost: Explicit costs are payments made by the firm when it purchases or hires factors of production for the production of goods and services. They are also referred t
williomson''s model of managerial discretion
"In U.S., there is a culture of greeting people of the same sex. It's not common that people give attention to the people of the opposite sex. However, in the middle class, it's a
cartels model of collusive oligopoly
what is the second best?prove the theorem with the help of a diagram?
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