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What are the main propositions of the modern theory of Rent. In what respect is it an improvement upon the Recardian theory. (2017) Modern Theory of Rent Modern theory first of all developed by the J.S.Mill. After this, it was developed by Jevons, Pareto and Jones Robinsons. Modern theory is that a surplus which rent …
Elaborate the Recardian theory of rent in case of Extensive and Intensive Cultivation. ricardian theory of rent notes Meaning of Rent:- In economics, which payment is made to the landlord for the purpose of using his land for production is called rent. Definition According to Oser, “Economic rent is the payment for the use of …
What is meant by monopoly? Discuss the short run and long run equilibrium of firms under monopoly. ( 2016 ) Meaning of Monopoly:- “Monopoly is that market situation in which there is a single seller. There is no close substitute for the commodity that it produced. And there are barriers to entry. “ According to …
What are the different concepts related to costs? Explain the shape of the long run average cost curve according to traditional Theory. (2016 ) ( 2017 ) Concepts of Costs:- Costs concepts are used in a different way in economics as following: As these are different types of costs are.. Types of costs Explain the …
What is a perfect Competition? What are its Characteristics? How is the price of a commodity determined under perfect Competition? ( 2016 ) Perfect Competition:- Perfect Competition is that market where there are a large number of buyers and sellers of homogeneous products. It is impossible to distinguish between the units being sold by them. …
Explain the Revealed Preference Hypothesis. How can you derive the law of demand through Revealed Preference Theory? Meaning of Revealed Preference Theory:- It is that theory which reveals his actual behaviour toward his preference for a combination of goods. In other words :- It reveals that consumers actually consume goods which are preferred by him. …
What is the cardinal utility analysis? Discuss equilibrium of the consumer through utility analysis. Meaning of cardinal utility :- Cardinal utility refers to cardinal numbers like 1, 2, 3, 4 etc. Cardinal utility are those numbers which can be added or subtracted. In other words:- When we consume anything its utility measures in numbers like …
Definition the private company and state the special privileges which it enjoys under the company act 2013. ( 2018 ) Ans:- Private Companies are that company which have minimum paid up share capital as prescribed under the Act of 2013 in its articles of association. Minimum two members are required to form such a privates …
Meaning of Financial Accounting:- Financial accounting is concerned with recording, classifying, and summarising financial transactions of a business for an accounting period. Let’s know by definition what is financial accounting. This is done for the purpose of determining profit and loss of the business and its financial position. Definition According to Smith:- Financial Accounting is …
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What is financial accounting? Explain its objectives and limitations. Meaning of Financial Accounting:- Financial accounting is concerned with recording, classifying, and summarising financial transactions of a business for an accounting period. This is done for the purpose of determining profit and loss of the business and its financial position. Definition According to Smith:- Financial Account …