Evan J Douglass definition of Managerial economics
What is the Evan J Douglas’s definition of Managerial economics?
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Prof. Evan J Douglas said that managerial economics deals with the application of business principles and methodologies to decision making process in the firm or organization under the situations of uncertainty. It seeks to create rules and principles to facilitate the accomplishment of the desired economic aim of management. These economic goals relate to costs, revenue and profits and are vital within both business and non business institutions.
Illustrations of investments in human capital would comprise: (1) freeing slaves at the conclusion of the Civil War. (2) betting on the outcome of a professional wrestling match. (3) need people to pass a test on the U.S. Constitution before permittin
Where diminishing returns overwhelm gains through the division of specialized labor, when there is an inflection point on the total revenue curve derived by a total output curve, and by the vantage point of a purely competitive firm h
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Profit maximizing competitive firms will competitively hire supplied labor up to that point where VMP is: (w) is at its maximum. (x) equals the wage rate. (y) minus MRP is minimized. (z) minus W is at its maximum.
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The arc elasticity of Plastibristle’s demand for labor in between point c and point d is approximately: (1) 0.375. (3) 0.545. (4) 0.833. (4) 1.200 (5) 2.000. Q : Problem regarding the Diminishing Assume that you require studying six hours per week to earn a ‘C’, nine hrs a week to earn a ‘B’, and 15 hrs per week to earn an ‘A’. This would mean: (i) Raising returns to hrs studied. (ii) Diminishing returns to hrs studied. (iii
Assume that you require studying six hours per week to earn a ‘C’, nine hrs a week to earn a ‘B’, and 15 hrs per week to earn an ‘A’. This would mean: (i) Raising returns to hrs studied. (ii) Diminishing returns to hrs studied. (iii
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