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Point elasticity
The point elasticity of demand is described as the proportionate change in quantity demanded in response to a very small proportionate change in price. The concept of point elasticity is useful where change in price and consequent change in quantity demanded are very small.
Economics has two major branches: (1) micro economics, and (2) both micro and macro economics theories. The parts of micro and macro economics that constitute managerial economics
Q. Example on Relationship between marginal and average cost? This relationship between marginal and average cost can easily be recalled with the aid of Fig. below. It can be s
Total Cost (TC) This is the sum of fixed costs and variable costs i.e. TC = FC + VC.
Characteristics of Money Over time, therefore, it became clear that for an item to act as money it must possess the following characteristics. Acceptability If
Q. Show the importance of Demand forecast? Demand forecast for a particular commodity furthermore offers recommendations for demand forecast of associated industries. For exam
define scarcity and oppurtunity cost.show how these concepts are useful in managerial decision making
REASONS FOR FLUCTUATIONS IN AGRICULTURAL PRICES Production depends on factors beyond the control of the producers e.g. weather, disease and pests. Actual and planned output i
Using the National Output for Calculating National Income A final method which is more direct is the "output method" or the value added approach . This involves adding up
The comparability principle Associations representing workers providing services - clerical, postal, teaching, etc. - have always attempted to apply the "principle of comparab
Real and nominal measures Output, Expenditure and Income can be valued at current market price in which case we speak, for example, of money or Nominal NNP, or NNP valued
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