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Income Elasticity
The functional relationship among the changes in the quantity demanded for a good or service and the change in income of those persons demanding the good or service. If the demand for good raise as a person's income rises then the good is said to be "normal." If the demand for good decreases as a person's income rises then the good is said to be "inferior."
Q. Describe Rule based forecasting? Rule based forecasting: Rule-based forecasting (RBF) is a proficient method which incorporates judgment as well as statistical techniques
A chemical producer dumps toxic waste into a river. The waste decreases the population of fish, decreasing profits for the local fishing industry by $100,000 per year. The firm cou
ISOQUANT ANALYSIS In the long run it is possible for a firm to produce the same output using different combinations of two factors of production. For instance it the two fact
Question 1: (a) Describe how asymmetric information influences the price system and resource allocation. Provide examples to support your answer. (b) Managerial decision-ma
limitations of managerial ecomomics
what is objective
Managerial Economics helps create utility for the Society.
In the short-run the firm can't modify or change overhead factors like equipment, plant and scale of its organisation. In the short-run output can be decreased or increased by chan
T HE BANKING SYSTEM Consists of all those institutions which determine the supply of money. The main element of the Banking System is the Commercial Bank (in Kenya). The sec
critically analysis the profit maximisation theory of business firm and illucidet the role of profit in business
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