(i) Collection of data (ii) Estimating the parameters of the model (iii) Mathematical specification of the relationship among the variables (iv) Using the estimates to arrive at the estimates of variables. (v) Identification of variables
Market Structure No. of firms and degree of product differentiation Control over price (1) Perfect competition Large number of firms with homogeneous products None (2) Monopolistic Competition Many firms with real or perceived product differentiation Some (3) Oligopoly Little or no product differentiation and many firms Some (4) Monopoly Single […]
(Where Ed = elasticity of demand, Q = Quantity, P = Price and Δ = represents change)
(a) Large number of buyers and sellers (b) Perfect knowledge of the market (c) Homogeneous product for sale (d) Absence of transportation cost (e) Freedom of entry and exit of buyers and sellers from the market (f) Rational Behaviour of buyers and sellers
(a) Investment Analysis and Decisions (b) Production Behaviour and Cost Analysis (c) Input Reward Analysis and Decisions (d) Economic Environment Analysis
(a) Collusion model (b) Cournot’s model (c) Kinked Demand model (d) Price Leadership model Select the correct code:
(a) Range of substitutes of the commodity (b) Extent of the different uses of the commodity (c) Portion of the income of the buyer spent on the commodity (d) Income group of buyers purchasing the commodity