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Desire for a commodity
This validates that a want or a desire doesn't develop into a demand except it is supported by the ability and willingness to acquire it. For example, a person may desire to own a scooter though unless he has the required amount of money with him and willingness to spend that amount on purchase of a scooter, his desire will not become a demand.
arguments in favour of traditional theory of profit maximization
Intended or planned Investment Expenditure on investment depends on business expectations on the chance of making profits and on the availability of funds for the purchase of p
Elasticity of Demand As the law of demand establishes a relationship between quantity demanded and price for a product, it doesn't tell us exactly as how weak or strong the rel
define scarcity and oppurtunity cost.show how these concepts are useful in managerial decision making
Q. Explain about Inventory Economies? Inventory Economies: Role of inventories is to aid the firm in meeting random changes in the output and the input sides of the operations
The war on drugs is an expensive battle, as a great deal of resources go into catching those who buy or sell illegal drugs on the black market, prosecuting them in court, and housi
Marginal Utility The extra utility derived from the consumption of one more unit of a good, the consumption of all other goods remaining unchanged. The hypothesis of dimin
Consider an industry with a sole producer, a monopolist. The latter faces cost function C(Q)= Q/2 and aggregate (inverse) demand P(Q)=1 - Q (zero for Q> 1). Illustrate all your ans
if Q=120-2p is the equation for demand curve, find the compounding total, marginal and average revenue function
Economics is generally defined as the problem of how best to allocate limited resources, limited because needs are characterized as unlimited, but common sense tells us that rather
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