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Problem: Long-Run Labor Demand and Factor Substitutability Suppose there are two inputs in the production function, labor (L) and capital (K), which can be combined to produce
list all profession which generate personal income
Real Rigidities in the Goods Market The most important factor associated with real rigidity in the goods market is the existence of imperfect competition. Imperfect comp
What are the Methods of Managerial Economics The process of managerial economics deals with aspects of economics and tools of analysis, which are employed by business enterpri
THE DETERMINATION OF EQUILIBRIUM NATIONAL INCOME National income is said to be in equilibrium when there is no tendency for it either to increase or for it to decrease. The a
Price Elasticity of Supply Price Elasticity of supply measures the degree of responsiveness of quantity supplied to changes in price. The co-efficient of the elasticity of s
Define Managerial economics according to McNair and Meriam McNair and Meriam: "Managerial economics comprises the use of economic modes of thought to analyse business situatio
Measurement of Inflation The rate of inflation is measured using the Retail Price Index. A retail Price Index aims to measure the change in the average price of a basket of g
Q. What is Data mining? Data mining: Data mining is the process of extracting patterns from data. Data mining is seen as an increasingly important tool by modern business to
Advantages a. It is more equitable. The broader shoulders are asked to carry the heavier burden. b. It satisfies the canon of productivity as it yields
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