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Earn +20 ptsQ: What is necessary and sufficient condition in respect to mathematics and economics?
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Necessary and sufficient condition for profit maximization?
Marginal Revenue = Marginal Cost
Why is necessary to study mathematics in economics?
Economics requires kind of precision and modelling not usual to the other social sciences but more common with physics or engineering. Mathematics is a tool which allows the formal simplification, consistency, and exact results necessary to track, analyse, and predict variables in highly complex systems. Since economics not only possesses these systems but needs these properties, mathematics, along with statistics, offers a methodological avenue that no other field can to achieving them.
Is study of economics necessary in a situation of abundant resources?
is the study of Economics necessary in a situation of abundant
Is use of least-cost input combination a necessary condition for profit maximization is it a sufficient condition explain?
1. Minimization of Cost for a Given Level of Output: Least Cost Conditions
Why is it necessary to study economics?
Because Economics is a Study of Body of Knowledge.
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