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Explain about the terms in perfect competition.
Perfect Competition:
a. A price-taking producer is a maker whose actions have no consequence onto the market price of the good this sells.
b. A price-taking consumer is a customer whose actions have no consequence onto the market price of the good he or she buys.
c. A perfectly competitive market is a market within which all market contributors are price-takers.
d. A perfectly competitive industry is industries within those producers are price-takers.
The production function can have many uses. It can be used to compute least-cost factor combination for a given output or maximum output combination for a given cost. Knowledge of
Q. Product of marginal revenue? MRPL is the product of marginal revenue and marginal product of labour or MRPL = MR x MPL. • Derivation: MR = ?TR/?Q MPL = ?Q/?L
why demand curve slopes down
Assignment
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Comment on the consequences of environmental degradation on the economy of a community.
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Q. What do you mean by Oligopoly? Type of market condition that is most appropriate in the today's economy, is oligopoly. It's characterised by mutual interdependence among a f
The quantity theory of money In the 17 th Century it was noticed that there was a connection between the quantity of money and the general level of prices, and this led to th
Explain the limitations of managerial economics
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