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What is the demand function
It should be noted that by demand function, economists mean entire functional relationship which is the whole range of price-quantity relationship and not just quantity demanded at a given price per unit of time. Or we can say, the statement, 'the quantity demanded is a function of price' implies that for every price there is a corresponding quantity demanded.
FACTORS AFFECTING THE ABILITY OF TRADE UNIONS TO GAIN LARGER WAGE INCREASES FOR ITS MEMBERS The basic factor is elasticity of demand for the type of labour concerned. The ela
ISOQUANT ANALYSIS In the long run it is possible for a firm to produce the same output using different combinations of two factors of production. For instance it the two fact
ROLE OF SCARCITY IN MANAGEMENT DECISION MAKING
Provide two examples of identity economics other than those given in the article
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 ex
Michael was discussing the importance of production analysis and cost analysis to managerial economics with a final year Open Campus student. The final year student, Catherine, sta
Supply-side policies Supply-side policies are intended to increase the economy's potential rate of output by increasing the supply of factor inputs, such as labour inputs and
A firm is employing 100 hours of labor and 50 tons of cement to produce 500 blocks. Labor costs Rs 4 per hour and cement costs Rs 12 per ton. For the quantities employed MPL = 3 an
The pigou effect, also called the real balance effect, is named after the well known Cambridge school economist Arthur Cecil pigou who had first clearly formulated the relationship
What is Oligopoly? Oligopoly is a general market structure. This arises from similar forces that lead to monopoly, except within weaker form. This is an industry along with onl
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