open educational resources | Samuel Adegboyega University
If there are no rules, even the dullest person will operate computer, invent and lead. the lecture allows student to be able to observe cerntain rules in computer application and software management, especially, statistical application.
Definition of production: is the process where firm combine various factor input to produce value for consumption. The process ends when it creates value for the final consumer. It is an act of creating output that can be a good or service which add utility value to economic unit. Production process creates what I known as economic wellbeing.
Economic wellbeing: it means economic activities that aim directly or indirectly to satisfy human wants and needs. The degrees at which means are satisfied is relative.
The concept of elasticity of demand is of great empirical relevance to monopoly pricing, particularly with respect to price discrimination. Monopolist is a single seller of unique products with no close substitute unlike the pure competitor. Owing to this fact, the monopolist can practice price discrimination. Price discrimination is the practice of either charging different prices for the same units of output to different customers or the practice of selling different units of output at different prices to different customers. Discrimination offers the monopolist unique privilege of treating customers differently according to their elasticities in order to maximize profit.
Corruption is one of the most pronounced development cankerworm, as it inhibits sustainable growth and development, through the misallocation and misappropriation of resources. The destabilizing effect of corruption has assumed a monumental scale as many development-oriented initiatives have been stalled. Much of the evidences have shown that corruption is a clog in the country’s wheel of progress, and that it contributes to the impoverishment of the people, leads to economic stagnation, accentuates social and economic disparities, and eventually, political violence. As a socio-political, economic and moral malaise, corruption is contagious and if not tamed can induce total state failure.