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A mother is torn among choosing her son Leonardo and her daughter Meryl to have the last bar of chocolate in her cupboard. As both her children's needs the chocolate and she needs to be fair, she decides to resolve the issue by having her children compete in the playground game of rock-Paper-scissors. According to the rules of the game, a rock (fist) breaks scissors (two fingers striking out), scissors cut paper (flat hand), and paper smothers rock. If both players end up taking the similar there is a tie and the game is repeated.
a) Determine the payoff matrix for this rock-paper-scissors game
Enumerate the Scope of managerial economics The scope of managerial economics contains following subjects: 1. The Theory of demand 2. The Theory of production 3. The
When is production profitable according to price-taking firm at profit, break-even or loss? Production profitable at profit, break-even or loss: a. When TR > TC, in that cas
Problem: (a) Explain with the help of a diagram, the effect on a consumer's equilibrium, of an increase in the price of commodity X while the consumer's money income and price
define scarcity and oppurtunity cost.show how these concepts are useful in managerial decision making
Q. Explain about Delphi method? Delphi method: This is a systematic, interactive forecasting method that depends on a panel of experts. Experts answer questionnaires in two o
the table shows gasoline rates in US
ROLE OF SCARCITY IN MANAGEMENT DECISION MAKING
Q. What is Transport and Storage Economies? As the output increases, unit cost of transportation of raw materials, intermediate products and finished products fall. This is for
A firm producing hockey sticks has a production function given by X = 2 KL In the short-run, the firm's amount of capital equipment is fixed at K = 1000. The rental rate fo
Bank Deposit Bank notes and coins together constitute the currency in circulation. But they form only a part of the total money supply. The larger part of the money supply i
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