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What is Demand theory
Demand theory demonstrates the relationship between demand for services andgoods. Demand theory is the building block of demand curve- a curve which establishes a relationship between consumer demand and amount of goods available. Demand is shaped by the availability of goods, as quantity of goods increases in the market demand and the equilibrium price for those goods decreases as a result.
How does economic theory contribute to managerial decisions?
Q. What do you mean by Kinked Isoquant? This isoquant presumes only limited substitutability of labour andcapital. There are just a few processes for generating any one commodi
Principles of Managerial Economics points
How do I do a log linear regression in excel
Laws of returns to scale alludes to the long-run analysis of the laws of production. In the long run, output can be increased by varying all factors. So in this section we study th
Buffer stocks and stabilization funds In this case the government buys up part of the supply when output is excessive, stores this surplus, and resells it to consumers in time
Importance of Income Elasticity If a country is experiencing economic growth, the income of the people will increase. However, for those engaged in the production of goods wi
The production function can have many uses. It can be used to compute least-cost factor combination for a given output or maximum output combination for a given cost. Knowledge of
1. The price of a U. S. produced hammer is $5. The exchange rate with Malaysia is 3 Ringgit/1$. What is the current price of the hammer in Malaysia? (Assume no transportation cost.
p=10, TC= 1000+2Q+.01Q^2, Q=?
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