Advertising Agency is just like a tailor. It creates the ads, plans how, when and where it should be delivered and hands it over to the client
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The ridge lines are the locus of points of an iso-quants where the marginal product of factors is zero.
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The classical economists didn’t explicitly formulate demand for money theory but their views are inherent within the quantity theory of money.
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macroeconomic theories include theories of economic growth and development, national income, money, international trade, employment, and general price levels.
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Scope of business economics is the application of economic theory and methodology to business.
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Diseconomics of scale occurs when the long-term average cost of an organization increases. It can occur when the tissue becomes excessively large.
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David Ricardo, an English classical economist, first developed a Ricardian theory of rent in 1817 to explain the origin and nature of economic rent.
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The relationship between output and cost is expressed in terms of cost function. The companies use cost function to minimize cost and maximize production efficiently.
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Monetary policy is the process of drafting, announcing, and implementing the plan of actions taken by the central bank, currency board