Explain firms and its types, objectives and goals
Firm is an organization owned by one or jointly by a few or many people, engaged in a productive activity, with a definite aim.Types of firms Private sector:The ownership is…
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Firm is an organization owned by one or jointly by a few or many people, engaged in a productive activity, with a definite aim.Types of firms Private sector:The ownership is…
The basic/fundamental economic concepts are:i. Incremental conceptii. Discounting conceptiii. Time perspectiveiv. Opportunity costv. Equimarginal conceptIncremental analysis refers to changes in cost and revenue due to a policy change. For example –…
Managerial Decisions/ Decision Analysis is the Process of selecting the best out of alternative opportunities, open to the firm.To arrive at a business decision, the four main phases are:1. Determine…
Managerial Economics is a branch of economics that applies economic theories, concepts, and analytical tools to solve managerial problems and aid decision-making within an organization. It involves the integration of…
According to Baumol, every business firm aims at maximization it’s sales revenue (price x quantity)rather than its profit. Hence his hypothesis has come to be known as sales maximization theory…
The law of demand is an economic law that states that consumers buy more of a good when its price decreases and less when its price increases. The greater the…
The scope of managerial economics is broad and encompasses various aspects of decision-making and resource allocation within organizations. Here are the key components that define the scope of managerial economics:Demand…
Managerial economics is a branch of economics that applies microeconomic analysis to make managerial decisions in business and other organizations. It involves the use of economic principles and methodologies to…
Introduction A Van de Graaff generator, is an electrostatic generator which uses a moving belt to accumulate very high amounts of electrical potential on a hollow metal globe on the top of the stand. It…
Aim To find out the refractive indices of different liquids using a hollow prism Apparatus RequiredHollow glass prismVarious liquids like water, carbon disulphide, benzaldehyde etc.Bell pinsDrawing board TheoryA prism is a transparent…