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By Pareek, Saroj

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The Greek letter delta (A) is used to indicate a change; the marginal concept has reference to one unit change. The second expression defines marginal revenue from the nth unit and the last expression stands from marginal profits. Likewise, the incremental concepts can be defined. For example: ClOO-CSO = C 20 RlOO - Rso = R 20 1t100 - 1tSO = 1t20 These expressions tell us the incremental costs, incremental revenue and incremental profits, when the decision is taken to produce, an additional chunk of 20 units of output.

All buying and selling is done through the medium of money. 2. Money is used as a common measure of value. The values of all commodities are measured in terms of money. 3. It serves as a standard of deferred payment. All borrowing and lending is done in money. 4. It serves as a store of value. We store value in the form of money, not in the form of any other commodity. Important Terms Used in Managerial Economics 42 Kinds a/Money: 1. g. gold coins. 2. g. small coins and paper notes. 3. Paper Money: It is made of paper and issued by the government of a country.

The function is also difficult task because prices are determined by considering large number of 48 Important Terms Used in Managerial Economics complex and interdependent factors. Following are the main factor which should be considered to determining the price. (i) Cost Factor: It is a simplest proposition that prices charged must be such that it covers the average total unit cost and earn a reasonable profit. e. costs plus reasonable margin is more common in large contracts, in commodities whose prices are controlled by the government, items of basic need etc.

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