26Nov 2018 by admin

9 Main Differences between Managerial Economics and Traditional Economics

Accounting
Managerial Economics has been described as economics applied to decision-making. It may be viewed as a special branch of Economics. However, the main points of differences are the following:1. The traditional Economics has both micro and macro aspects whereas Managerial Economics is essentially micro in character. ADVERTISEMENTS: 2. Economics is both positive and normative science but the Managerial Economics is essentially normative in nature.3. Economics deals mainly with the theoretical aspect only whereas Managerial Economics deals with the practical aspect. Image Source : c2.staticflickr.com4. Managerial Economics studies the activities of an individual firm or unit. Its analysis of problems is micro in nature, whereas Economics analyzes problems both from micro and macro point of views.5. Economics studies human behaviour on the basis of certain assumptions but these assumptions sometimes do…
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25Nov 2018 by admin

Sample Claim Settlement Letter

Essays
From (Railways Name) (Address) (Date)To (Company Name) Re: Ex (place) (Date)Dear Sirs, ADVERTISEMENTS: Your claim has been settled for ____________ (Amount) (In words) in full final settlement of your claim.Provided, if the consignment is subsequently traced, you will have to take delivery of the same and return the claim money that you may have received meanwhile.Please convey your acceptance within a fortnight from the date of the receipt of this letter to prevent your claim from lapsing. ADVERTISEMENTS: Yours faithfully,(Your Name) For Chief Commercial Supdt. Asst. Supdt. Image Source: tenant.net
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25Nov 2018 by admin

Top 5 Main Features of Mixed Economy

Investment
A mixed economy is characterized by the following features: Features 1. Co-existence of public and private sectors: Both public and private enterprises exist in this economic system. The role and areas of both the sectors arc well defined.The relative roles assigned to the public and private sector differ from economy to economy. But generally the public sector is expected to perform certain basic functions such as: ADVERTISEMENTS: (i) Development of economic infrastructures.(ii) To promote basic industries that require huge investment and are of long gestation periods;(iii) To promote industries in backward regions where inducement to invest is low.(iv) To develop defence production industries in public sector. ADVERTISEMENTS: Similarly, the private sector is expected to supplement the efforts of public sector and to take advantages of investment opportunities enhanced by public…
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25Nov 2018 by admin

Top 8 Basic Features of Capitalism – Explained!

Trade
The basic features of capitalism are as under: Features 1. Right of private property: Right of private property is an inherent part of capitalism. The right of private property includes three things: (i) Every individual has the right to accumulate property, (ii) An individual is free to use his property according to his will and (iii) Right of inheritance, i.e., after death of an individual his property goes to his successors. ADVERTISEMENTS: Government protects the right to property. However, the freedom to use property is subject to government laws and regulations.The right of private property induces the people to work hard and increase production so that they can increase their property. Right of private property increases the rate of capital formation. Image Source : businesskorea.co.kr 2. Price mechanism: Price mechanism…
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25Nov 2018 by admin

Letter to the Municipality Requesting Him to Take Immediate Action to Make the Locality Mosquito-Free

Essays
To The Hon’ble Mayor/the Chairman, Re: Mosquito menace in the localityDear Sir,I, as President of the local Zonal Committee, take the privilege of bringing to your kind attention to the mosquito menace in the locality of____________ (with full address including Ward No. ____________). ADVERTISEMENTS: The growing mosquito menace in the locality in the recent times has led to the outbreak of malaria in virulent form. The following reasons are attributed to the mushroom growth of mosquito in the locality.(a) Most of the drains are uncovered practically without outlets resulting in stagnation of contaminated water and as such the drains have becoming the breathing ground of mosquitos.(b) There are heaps of rubbishes and refuse lying helter skelter on the roads in absence of any dustbins and they remain uncleaned by the…
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25Nov 2018 by admin

Letter to the Mayor Complaining About the Stray Dog Menace in the Locality

Essays
To The Hon’ble Mayor/the Chairman, Date Re: Stray dog menaceDear Sir,I, as President of the local Zonal Committee, take the privilege of bringing to your kind attention to the stray dog menace in the locality of____________ (with full address including Ward No. ____________). ADVERTISEMENTS: For the last six months the number of stray dogs in the locality have increased manifold and the people living in this area have been terror-striken by such dogs. The situation has become alarming when several small school going children have been bitten by these dogs.It is also most obnoxious and disturbing when these stray dogs start barking in chorus continuing for prolonged time at all the nights robbing of slumber of the people. It is now of paramount necessity to get rid of these dogs…
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25Nov 2018 by admin

Letter to the Municipal Corporation Complaining About Inadequate Supply of Water

Essays
To The Mayor/Chairman, Date Re: Inadequate supply of waterDear Sir,We, the inhabitant’s of have to inform you that the supply of water through pipe lines in our area has been extremely inadequate for which the inmates of families of every house have been suffering beyond description. During summer season in particular when requirement of water is more, sufferings of the people for want of water know no bounds. ADVERTISEMENTS: The reason for shortage of water is the increase in the number of people in our area on account of mushroom growth of flats. The problem of scarcity of water has been precipitated due to disbalancing in the supply and requirement of water which is passing through smaller diameter of water pipes for the last many years, in order to improve…
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25Nov 2018 by admin

Application to the Rationing Officer Requesting to Issue New Ration Cards

Essays
From DateTo The Rationing Officer,Re: Request for issuance of new Ration Cards. ADVERTISEMENTS: Dear Sir,This is for your Kind information that I was in service at ____________ (Place Name), the metropolis of ____________ (Place) for the last ____________ (Year) and there was no public distribution system and as such there was no question of drawing ration against ration card from there.Now, my services have been transferred to ____________ (Place) as per copy of letter ____________ (Date) of transfer orders enclosed. In ____________ (Place) I along with the members of my family am putting up at________________ (Address of Residence).I would, therefore, request you to arrange issuance of new Ration Cards in favour of me and the members of my family, as per details given below: ADVERTISEMENTS: Kindly be informed that I…
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25Nov 2018 by admin

The Main Elements of the Indifference Curves Analysis of Consumer Behaviour

Budget
Main elements of the indifference curves analysis of consumer behaviour are given below:Prof. J.R. Hicks developed the ‘indifference curves technique for explain consumer behaviour as an alternative to ‘Utility Analysis’. This technique is based on ordinal measurement of utility.An indifference curve is a locus of points, each representing a different combination of two goods, which yield the same level of satisfaction to the consumer. ADVERTISEMENTS: According to Prof. Left witch, “A single indifference curve shows the different combination of X and Y goods that yield equal satisfaction to the consumer.”Indifference curves slope negatively and are convex to the origin. Higher indifference curves represent higher level of satisfaction.Indifference curve technique is based on preference hypothesis. It assumes that the consumer is rational and consistent in his choice of basket of goods.Rationality…
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25Nov 2018 by admin

7 Important Criticisms of Indifference Curve Analysis – Explained!

Fashion
Indifference curve technique is definitely an improvement over utility analysis and it has a number of uses and merits. In spite of merits, indifference curve analysis suffers from shortcomings and these are followings: Criticisms 1. Unrealistic assumptions: It is based on unrealistic assumptions of rationality, perfect competition, divisibility of goods and perfect knowledge of scale or preference.The purchases of a consumer arc very much affected by habits, customs and fashion. Therefore, a consumer does not act always rationally. We cannot expect a consumer to know his indifference map. Goods Visible and perfect completion is a myth. Image Source : blog2.ecoastsales.com 2. No novelty: Prof. D.H. Robertson remarked that the indifference curve technique is merely “An old wine in new bottle.”This technique is similar to the utility analysis because it merely…
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