Basic Terms: 1.Utility:It refers to want satisfying power of the commodity.It is measured in utiles. 2.Types of Utilities: Tototal Utility: It refers to sum total of utility that is received from...
Measures of Central Tendency: There are three measures of central tendency that are: Mean: It is used to represent the average of the data. Median: It is used to represent the middle value. Mode:...
Cost Concepts: The various relevant concepts of costs used in business decisions are discussed below: Opportunity Costs and Outlay Cost. Explicit and Implicit/ Imputed Cost. Historical Cost and Replacement...