Statement (I): The least-cost or optimal combination of labour and capital requires that the marginal revenue productivity ratio of the two inputs should be equal to their price ratio. Statement (II): In a hypothetical production function of the following form Q=L3+15 L2 +10L Where Q= Quantity of the product and L= No of variable input […]
Statement (I): Point price elasticity of demand in terms of marginal and average revenues can be measured with the following formula: AR___ AR-MR Statement (II): The pint price elasticity of demand is the product of the slope of the demand function and the ratio between corresponding price and quantity.
Statement (I): Business decision makers deals with the complex, rather chaotic, business conditions of the real world and have to find the way to their destinations i.e., achieving the goal that they set for themselves. Statement (II): Even, without application of economic logic and tools of analysis, business decisions are always rational and real and […]
List-I List-II (a) Micro-external environment (i) Economic and political factors (b) Macro-external environment (ii) Competition among diverse products targeting disposable income of consumers (c) Non-price competition (iii) Input suppliers (d) Desire competition (iv) Sponsoring events like sports
List-I List-II (a) Economic environment (i) Ethical issues (b) Political and government environment (ii) Trade and transport policies (c) Socio-cultural environment (iii)Economic stratification of population (d) Demographic environment (iv) Judiciary powers
Statement (I): Sustainable development means an attempt to achieve the balance between economic growth and conservation / protection of environment Statement (II): Sustainable development means meeting the needs of industries without compromising the needs of import-export balancing. Statement (III): Sustainable development means creation of sufficient surplus budgets through stock of capital assets including land. […]