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A: Net benefit is the difference between total benefit and total cost. NB = TB - TC
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A: Net Benefit is calculated using the formula = Total Benefit - Total cost
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A: Fixed cost is independent of output produced.
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- How does managerial economics breach economics in theory and practice?What do you think is the impact of ChatGPT on the economy and job prospects, and how could it potentially change the job market? How do economists view the use of generative AI models such as ChatGPT in terms of increasing shared prosperity and reducing income inequality?What is “upward and downward causation” in institutional economics?
- Discuss how does Managerial Economics differ from Economics?How does ecomonic data relate to the real world of business in relation to managerial economics?In market economies, fifi rms rarely worry about the availability of inputs to produce their products, whereas in command economies input availability is a constant concern. Why the difference?
- How does the demand side of market relate to the real world of business in relation to managerial economics?How does the supply side of the market relate to the real world of business in relation to managerial economics?What do economists mean by ceteris paribus? Why is ceteris paribus hard to engineer in practice? Discuss common hurdles