State the assumptions of Law of Demand
State the assumptions of Law of Demand?
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Law of demand is based upon certain fundamental assumptions. They are given as below:
1) There is no change in the consumers’ preference and taste 2) Income must remain constant. 3) Prices of other goods must not change. 4) There must be no substitute for the commodity. 5) The commodity must not confer any type of distinction. 6) The demand for the commodity must be continuous. 7) People must not expect any change within the price of the commodity.
Illustrates the major objectives of demand analysis?
Explain the different types of income elasticity of demand.
What are the important pricing strategies?
Economists suppose that firms hire labor to further a fundamental goal of maximizing: (1) economic profit. (2) workers’ welfare. (3) economy-wide employment. (4) managerial compensation. (5) the total value of output.
Competitive equilibria in competitive labor markets need: (w) P = MR = AVC. (x) VMP - P is maximized. (y) VMP = MRP = MFC = w. (z) output is at a break-even level. (q) MPP = P. Can anybody suggest me the proper exp
What are the Environmental or external issues of managerial economics?
Where managerial economics treat as a tool? Answer: Managerial economics is like a tool for decision making and forward planning.
All profit-maximizing firms will hire further labor up to the point where is the: (w) average physical product of labor equals the nominal wage. (x) last unit of labor adds equally to total revenue and total cost. (y) marginal product of labor is at i
Describe briefly Cost Volume-Profit relationship?
If the wage rate increases from $25 per hour to $40 per hour, in that case the elasticity of the supply of labor from this worker is roughly: (i) zero. (ii) 7/15. (iii) 13/15. (iv) one. (v) minus 13/15. Discover Q & A Leading Solution Library Avail More Than 1455994 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1928722 Asked 3,689 Active Tutors 1455994 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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