Discuss the Principles of New Public Management (NPM)

question 41

Essay

Discuss the principles of New Public Management (NPM).In your opinion,is this a good direction for the public service? Why,or why not?

Understand how a per unit tax affects the pricing decisions of a monopolist in comparison to a competitive market.

Understand the concept of profit maximization and how it is determined by the equality of marginal cost and marginal revenue in monopolistic firms.

Analyze the impact of market structures on pricing and output decisions, including the differences between monopolies and competitive markets in terms of equilibrium price and quantity.

Understand the relationship between demand curves, marginal revenue, and marginal cost in the context of monopoly.

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Definitions:

Price

The figure set as the cost or value of a transaction for a product or service in the marketplace.

Apples

A common fruit cultivated worldwide, also used metaphorically to represent simple examples in economic models.

Demand Function

A mathematical expression that specifies the quantity of a good or service purchased at various prices.

Income

The total money received by an individual or household from various sources like wages, investments, and benefits, over a specified period, often used to fund expenditures.