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What is an effective need of demand1. An Effective Need: Effective need demands that there must be a need supported by the capacity and readiness to shell out. Henceforth there are three basics of an effective need: a. The individual must have a need to attain a specific product. b. He should have enough funds to pay for that product. c. He must be willing to part with these resources for that commodity.
WHAT ARE THE FORMS OF COST FUNCTIONS?
what is objective
Question: i) If X and Y are different processes producing the same commodity and the joint total cost (TC) is given by: TC = X 2 + 2Y 2 - 3XY Using Lagrange Multiplier,
Real Rigidities The New Keynesian economists rely both on nominal and real rigidities to arrive at their conclusion that nominal changes in money supply have real, and not
OBJECTIVES OF CREDIT CONTROL The old objective of controlling credit creation by the commercial banks in the country was dictated by considerations of maintaining stability of
Q. What do mean by Convex Isoquant? Isoquants are convex to the origin: At any point of an isoquant,the slope is negative. Its numerical value measures the marginal rate of te
how it is revalent?
Explain the limitations of managerial economics
1. Suppose in a perfectly competitive industry the market demand and supply forces combine to produce a short-run equilibrium price of Rs 70. Suppose that a firm in this industry h
construct a decision tree for the baked potatoes outlet using sales per day, number of days that quantity is sold together with selling prices per unit and average costs
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