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State about Production theory
Production theory assists in determining the size of firm and level of production. It clarifies the relationship between marginal and average costs and production. It highlights how a change in production can bring about a parallel change in marginal and average costs. Production theory also deals with many other issues like conditions leading to decrease or increase in costs, changes in entire production when one factor of production is varied and others are kept constant, substitution of one factor with another whereas keeping all increased concurrently and methods of achieving optimum production.
Functions of the Budget The budget fulfils three main functions: To raise revenue to meet government expenditure The government of a country provides certain se
Determine the law of Demand Curve The law of demand can also be presented through a curve known as demand curve. Demand curve is a locus of points showing numerous alterative p
features of monopoly
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
What is Demand theory: Demand theory relates to the study of consumer behaviour. It addresses questions like what incites a consumer to buy a particular product, why do consume
The Learned Book Company has a choice of publishing one of two books o the subject of Greek mythology. It expects the sales period for each to be extremely short, and it estimates
Demerits of direct taxes a. Heavy direct taxation, especially when closely linked to current earnings, can act as a serious check to productivity by encouraging absenteeism
define scarcityand oppurtunity cost.show how these concepts are useful in managerial decision making
Interaction of supply and demand, equilibrium price and quantity In perfectly competitive markets the market price is determined by the interaction of the forces of demand and
Q. Concept of economies of scale? Economies of scale refers to the cost advantages that a business attains because of expansion. 'Economies of scale' is a long run concept and
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