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Marginal Revenue
Marginal revenue is the additional revenue an organization receives resulting from the sale of one more item of output. Marginal revenue is calculated by taking the difference among the total revenue both previous and after the production of the extra unit. As long as the price of a product or service remains constant, marginal revenue equals price.
The concept of isocost In the use of resources, firms are faced with opportunity cost. For every addition of say capital, they must forego a unit of say labour. Expositio
Q. Explain the Shut down point? ShutdownPoint: With MR = MC, firm attains equilibrium at point E where it produces OM amount of the output. To produce this output, firm incur
What are terms included in oligopoly? Oligopoly includes: • The meaning of oligopoly, and why it arises • Collusion • Game theory, particularly the concept of the pris
a) What do you understand by equilibrium National Income and to what extent is economic growth beneficial to an economy? b) Explain using both diagrams and mathematical tools,
Limitations of Uneven Distribution of Income and Wealth Unlike the historical experience of the now developed countries, the rich in contemporary Third World Countries are not
Contributions of economic theory to business economics According to Baumol, there are 3 key contributions of economic theory to business economics. 1. Practice of building
Market demand and consumers surplus Suppose that the market price of a cup of coffee is K£4 but the consumer was willing to pay £9 for the first unit, £8 for the second, £7 fo
Calculate point elasticity of demand for demand function Q=10-2p for decrease in price from Rs 3 to Rs 2
DETERMINANTS OF MONEY SUPPLY The total supply of nominal money in the economy is determined by the joint behaviour of the central bank which controls the total issue of the hig
Problem 1: All economies of the world can be said to be ‘mixed', to a greater or lesser degree, in that there is no economy where there is no state activity and no economy wher
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