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Fixed Costs (FC)
These are costs which do not vary with the level of production i.e. they are fixed at all levels of production. They are associated with fixed factors of production in the Short Run. Examples are rent or premises, interest on loans and insurance.
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
Q. Concept of economies of scale? Economies of scale refers to the cost advantages that a business attains because of expansion. 'Economies of scale' is a long run concept and
Advantages of Planned System i) Uses of resources : Central planning can lead to the full use of all the factors of production, so reducing or ending unemployment. ii
isoquant and its properties
Utility Utility is the amount of satisfaction derived from the consumption of a commodity or service at a particular time. Utility is not inherent but a psychological satisfa
incrimental principle
what is the role of managerial economics in running a business?
what does it mean?
measurement and scaling techniques in business research
Equilibrium in a single market model A single market model has three variables: the quantity demanded of the commodity (Q d ), the quantity supplied of the commodity (Q s ) an
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