ECO332 Tma Solutions 1. The areas of business issues to which economic theories can be directly applied is divided into two broad categories, and they are environmental and ___ issues —>> operational physical issues developmental issues external 2. The three …
Coefficient of income-elasticity of comfort goods is ___ —>> almost equal to 1 greater than 1 less than 1 zero
In market period, it is assumed the total output of a given product is ___ zero —>> fixed insignificant essential
___goods are those goods for which the usefulness is not exhaustible in the short-run use. —>> Durable Fixed Long-run Consumer
The discovery of managerial economics as a separate course in management studies has been attributed to all of these major factors except___ —>> The discovery of more teachers in the field of managerial economics The growing complexity of business decision-making …
Whether increase in price as a result of rising cost is beneficial to the firm will depend on the price-elasticity of demand for the product and the ___ income- elasticity of demand for its substitutes price elasticity of demand of …
A ___ summation of individual demand schedule gives rise to the market demand schedule Net Vertical Diagonal —>> Horizontal
Dx = a – bPx represents the general form of a ___ function dynamic demand non-linear demand —>> linear demand multivariate demand
The areas of business issues to which economic theories can be directly applied is divided into two broad categories, and they are environmental and ___ issues —>> operational physical issues developmental issues external
The three common techniques of optimisation include, Linear Programming, constrained optimisation by substitution, and ___ Constrained Minimization —>> Lagrangian multiplier Maximization
For a business owner to obtain maximum profit, ___ major conditions must be fulfilled —>> 2 3 4 5
ECO332 ====== 1. The Income elasticity of essential goods is usually ___ Zero Less than zero Greater than 1 Less than 1 2. Unlike accounting profit, economic profit takes into account both the imputed costs and __ costs Implicit Explicit …
