Explain characteristics of managerial or business economics
Explain the chief characteristics of managerial or business economics.
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The significant features of managerial economics are as follows:
1) Managerial economics is type of Micro economic in character. Since it studies the problems of a business firm not the whole economy.
2) Managerial economics mainly uses the body of economic principles and concepts that is termed as “Economics of the firm” or “Theory of the Firm”.
3) It is pragmatic. This is purely practical oriented. Therefore Managerial economics considers the specially environment of a firm or business for decision making.
4) Managerial economics is Normative quite than positive economics (descriptive economics). It is prescriptive to solve exact business problem by giving importance to firms objectives and aim.
5) Macro economics is also helpful to managerial economics since this gives intelligent understanding of the environment in that the business is operating.
6) This is management oriented.
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Illustrates the area of decision making in Managerial / Business Economics?
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Illustrates the important question regarding the managerial economics?
A principal who checks the qualifications of a potential agent before giving the agent a contract is engaging within the process of: (i) signaling. (ii) determining an efficiency wage. (iii) predatory behavior. (iv) screening. (v) discrimination. Q : Illustrates the private cost of Illustrates the private cost of production?
Illustrates the private cost of production?
The demand for labor is less elastic when: (w) resource substitution is easy. (x) output demand is relatively inelastic. (y) wages are a huge percentage of total cost. (z) firms have more time to adjust to wage changes. Discover Q & A Leading Solution Library Avail More Than 1455629 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1953135 Asked 3,689 Active Tutors 1455629 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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