îhe average Wral Cast of Pnducing a commodily is gruen by *TC 1000/9 +100 - 5q +9² %3D Pis price and q a ommodily The is the quant ly- The exrected sales of Saks woud fall r 30 sh. 20 are 390 Unts at me felling Price of shilo and If Ihe price 1s doubled. units equaton By using represents an example, explain loeo economically a) In he ATC linear demand funchon in furm oF P= a +bq - determine where p= Price ģ q=quanh ly. cletermine revenue hunchon.
Permutations and Combinations
If there are 5 dishes, they can be relished in any order at a time. In permutation, it should be in a particular order. In combination, the order does not matter. Take 3 letters a, b, and c. The possible ways of pairing any two letters are ab, bc, ac, ba, cb and ca. It is in a particular order. So, this can be called the permutation of a, b, and c. But if the order does not matter then ab is the same as ba. Similarly, bc is the same as cb and ac is the same as ca. Here the list has ab, bc, and ac alone. This can be called the combination of a, b, and c.
Counting Theory
The fundamental counting principle is a rule that is used to count the total number of possible outcomes in a given situation.
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