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Individual firm and market supply curves The quantities and prices in the supply schedule can be plotted on a graph. Such a graph is called the firm supply curve. A fir
How is marginal analysis lead to profit-maximizing quantity of output? Marginal Analysis leads to Profit-Maximizing Quantity of Output: The price-taking firm’s optimal outpu
Define Aunifying and omniscient theme Aunifying and omniscient theme found in managerial economics is the attempt to achieve optimal results from business decisions whereas tak
Technically Efficient Method of Production Let's suppose that commodity X is produced by two methods by employing capital and labour: Factor inputs Met
Search Theory and Unemployment You must understand the search and matching theories of unemployment in the context of other theories of unemployment. With this objective in
What is Cyert and March's behavior theory? What are the demerits.
A firm hires two risk-neutral workers to assemble bicycles and pays $20 for each assembly.Charlie's marginal cost of allocating effort (measured in dollars) to the production proce
Real Vs Nominal GNP: "Deflating" by a price Index One of the problems that confront economists when measuring GNP is that they have to use money as the measuring rod. Thes
BUSINESS CYCLES Meaning: The business cycle is the tendency for output and employment to fluctuate around their long-term trends. The figure below presents a stylised
In a one-shot game, if you advertise and your rival advertises, you will each earn RM5 million in profits. If neither of you advertises, your rival will make RM4 million and you w
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