Give the role of business economics in managing an organization.
Elaborate the statement: 'No cost is a fixed cost in the long run.' What are different types of costs studied in business economics? Also give cost-output relationship in short run.
What do you understand by break-even point? Give its importance.
Give the merits and demerits of deductive methods.
Explain the differences between perfect competition, monopolistic competition, and monopoly. Show how price is determined under monopolistic competition with a diagram.