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Q. What do you mean by External Economies?
External economies arise outside the firm as a result of improvement in industrial environment in that the firm operates. They are external to the firm though internal to the industry to which the firms belong. They may be realised from actions of other firms in the same industry or in another industry. Their effect is to cause a change in the prices of factors used by the firm. They cause a shift in the long-run and short-run cost curves of the firm.
how realistic is the sales maximisation model from your experience with business objectives as persued by firms
Economics has two major branches: (1) micro economics, and (2) both micro and macro economics theories. The parts of micro and macro economics that constitute managerial economics
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
Define Williamson''s Model of Managerial Discretion practice?
how sample size technique is helpful in demand forecasting of a particular product?
Explain about the terms in perfect competition. Perfect Competition: a. A price-taking producer is a maker whose actions have no consequence onto the market price of the g
Q. Explain about Isoquant Map? We can label isoquants in physical units of output without any difficulty. Because every isoquant signifies a specified level of output it's poss
Factors affecting the size of National Income The size of nation's income depends upon the quantity and quality of the factor endowments at its disposal. A nation will be ri
Gains From International Trade The gains from International trade are to make the participating countries better of than they would have otherwise been. This will be the res
Factors determining Elasticity of demand Ease of substitution. Nature of the commodity i.e. whether it is a necessity of life, luxury or addictive. Consumers
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