Give meaning of an Economy.
Economy is the system of trade and industry by which the wealth of a country is made and used. It is a system which provides the people of society to earn a living.
What is the behaviour of average revenue in a market in which a firm can sell more only by lowering the price?
Draw Average Variable Cost, Average Total Cost ad Marginal Cost curves in a single diagram.
An individual is both the owner and the manager of a shop taken on rent. Identify implicit cost and explicit cost from this information. Explain.
