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Explain the concept of externality in economics? Give one example of a positive and a negative externality in Australia.
Q. Describe MRPL and profit maximisation? The common rule is that firm maximises profit by producing that quantity of output where marginal revenue equals marginal costs. Profi
Marginal Revenue (MR) This is the increase in Total Revenue resulting from the sale of an extra unit of output. Thus, if TR n-1 is Total Revenue from the sale of (n-1) units
The Budget line and its economic interpretation The indifference curve shows us consumer preferences but it does not show us the situation in the market place. Here the consu
Define Williamson''s Model of Managerial Discretion practice?
what is deadweight loss calculation?
The Spendthrift Economy This assumes a circular flow of income in a closed economy with no Government sector and no foreign trade. It also assumes the existence of two sect
Explain the role scarcity of resources plays in economics decision making
a. A major freeze destroys a large number of orange trees in Florida Ans- Since the freeze destroyed a large number of orange trees in Florida the number of oranges the selle
Q. Explain about Delphi method? Delphi method: This is a systematic, interactive forecasting method that depends on a panel of experts. Experts answer questionnaires in two o
Q. Explain about Isoquant Map? We can label isoquants in physical units of output without any difficulty. Because every isoquant signifies a specified level of output it's poss
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