Area of decision making in Managerial / Business Economics
Illustrates the area of decision making in Managerial / Business Economics?
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The scope of Managerial / Business Economics covers two areas of decision making as follows:
(A) Operational or internal issues:
Such issues are those that arise within the business organization and are in the control of the management. These issues pertains to simple questions of what to create, while to produce, how much to create and for which category of consumers.
(B) Environmental or external issues
This refers to the general business environment wherein the firm operates.
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An increase in the competitively-set wage tends to cause: (w) firms to reduce the amounts of labor hired. (x) increases in the marginal revenue products of the workers a firm retains. (y) higher marginal factor costs of labor to competitive firms. (z)
One purpose that firms hire labor at the point where w is equal to P x MPPL is: (1) if w < P x MPPL, the cost (w) of hiring additional workers exceeds the gains (P x MPPL) of hiring them, therefore they would hire fewer workers. (2) when w > P x
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