Decision making is selection (or choosing) of a course of action from among two or more possible alternatives in order to arrive at a solution for a given problem. If there is no or 1 alternative, then no decision has to be made as that’s the only course of action to be taken.
Consider A’s utility function to be U(x,y)=(min{X,Y})1/2, the price of good X is Rs.2 and price of good Y is Rs.1. Calculate the total Util...
When the share of output going to capital is 0.25, the share going to labor is 0.75, output increases 4%, labor increases 1%, and capital increases 2%, ...
Which of the following Herfindahl-Hirschman Index is most consistent with monopoly?
The mean and median of 100 observations are 50 and 52 respectively, the value of the largest item is 100. Later it was found out that the value 110 was ...
Employing a lawyer to draft and enforce a private contract between parties wishing to solve an externality problem is an example of a(n) ______________cost
The equilibrium level of income is
Which of the following statements about contingent valuation is correct?
Probability that A will be alive in 20 years is 0.7 and probability that B will be alive in 20 years is 0.6, then what is the probability that they both...
The marginal cost of production is MC=0.3x+4, determine the cost involved to increase production from 70 to 100 units.
What is the supply curve of a firm in Perfect Competition?
