States the term Demand Analysis
States the term Demand Analysis?
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Demand analysis implies an attempt to find out the factors influencing the demand of a commodity or service and to measure those factors and influences. The demand analysis has the study of law of demand, demand curve, demand schedule and demand forecasting.
Explain Economics verse Managerial economics.
The firm or individual responsible for paying a specified tax to the government bears: (w) stigma of being a tax evader when it is completely forward shifted. (x) full tax burden only when the tax is backward shifted. (y) legal incidence of the tax. (z) reduction in p
State the causes for downward sloping of demand curve?
Illustrates the Importance of managerial economics?
Give a brief introduction of the term Break Even Point. How does BEP aid in making business decision?
The income effect of a small change within the wage rate for that worker most strongly exceeds the substitution effect at a wage rate of: (1) $5 per hour. (2) $10 per hour. (3) $10 per hour to $25 per hour. (4) $25 pe
Define the term opportunity cost concept.
If a perfectly competitive firm determines that its market price is below its minimum average variable cost, this will sell: w) the output where marginal revenue equivalents marginal cost. x) any positive output the entrepreneur decid
Explain the meaning of Elasticity?
When the marginal revenue product of the last worker hired is superior to the marginal resource cost of the worker, in that case the firm: (w) is experiencing increasing returns to scale. (x) can increase its profits by hiring more la
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