Law of Equi Marginal Utility According to this‚ a consumer is in equilibrium when he distributes his given money income among various goods in such a way that marginal utility derived from the last rupee spent on each good is the same. Assumptions The main assumptions of the law of equi-marginal utility are as under: (1) Independent utilities. The marginal utilities of different commodities are independent of each other and diminishes with more and more purchases. (2) Constant marginal
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There are differences between microeconomics and macroeconomics‚ although‚ at times‚ it may be hard to separate the functions of the two. Microeconomics and macroeconomics are the two major categories within the field of economics. Microeconomics is the branch of economy‚ especially such topics as markets‚ prices‚ industries‚ demand‚ and supply. Microeconomic concentrates on the difficulties of the markets for services and goods‚ and how the price affects the growth of the markets (Microeconomics
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philosophical difference between Republicans and Democrats. The Republicans say that "everyone for their part‚" while the Democrats say "we are all in this together." Do you think that everyone should "gamble" by their efforts‚ without "government interference"? That’s what they say and maybe some of them are convinced of that.
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integrating the diverse organizational components while sustaining the viability of the organization towards some pre-determined goals. In other words‚ it is an art of getting things done through & with the people in formally organized groups. The difference between Management and Administration can be summarized under 2 categories: - 1. Functions 2. Usage / Applicability On the Basis of Functions: - Basis Management Administration Meaning Management is an art of getting things done through others
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Level (per hour) (boxes per hour) 0 0 1 20 2 46 3 66 4 80 5 85 Marginal Production Level Complete the table and determine the most efficient number of movers to hire. Explain. (Be sure to discuss average production and marginal production levels.) Does the production function in the table exhibit diminishing marginal returns? Explain what you think is happening. Solution: Number of Workers Total Product of Labor Average (per hour)
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also reached through franchising some popular brand such as McDonald’s‚ KFC and Mio Amore. DIFFERENTIATION BETWEEN GOODS AND SERVICES There are certain essential differences between services and goods. Firstly‚ services are an intangible process which cannot be weighed or measured‚ whereas goods are a tangible output of a process that has physical dimensions. The basic differences between goods and services are as follows: 1. Goods are the material items that the customers are ready to purchase
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Introduction It has been argued before that there is really a thin line between administration and management. Indeed both terminologies have been used in many occasions interchangeably. Our mandate in this paper therefore is to outline the existing differences between administration and management. Rosenbloom (1986) focuses at public forums to bring out the meaning of administration. He argues that‚ public administration is the use of management processes‚ theories and practices to fulfill a
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product development.[citation needed] There are legal restrictions on such collusion in most countries. There does not have to be a formal agreement for collusion to take place (although for the act to be illegal there must be actual communication between companies)–for example‚ in some industries there may be an acknowledged market leader which informally sets prices to which other
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of Sunnis do not consider Shia to be proper Muslims. This difference has created many conflicts‚ including the current situation of the Islamic State of Iraq and Syria partaking in a genocide against Shias. An article from the Huffington Post highlighted‚ “For much of its modern history‚ the country’s Sunni and Shiite Iraqis intermarried‚ socialized and lived alongside one another in mixed neighborhoods. Certainly there were differences‚ but they could be subtle and often only privately felt
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and the gods‚ they invited retribution and chaos by placing themselves outside the ordained scope of humanity. Moreover‚ if the customs are followed and proper respect given the gods‚ it is possible for man to live in harmony indefinitely. These differences in ethos are most easily seen when Virgil borrows a scene and transforms it to his own ends. For example‚ Virgil adopts the episode where Odysseus is washed up on shore and meets the Phaiakians and uses it to form the core of Aeneid I and II. In
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