Explain characteristics of managerial or business economics
Explain the chief characteristics of managerial or business economics.
Expert
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.
When this purely competitive labor market is firstly in equilibrium at D0L, S0L, an increase within the price of output will result into equilibrium being attained at: (w) D0L, S0L. (x) D1L, S1L. (y) D2L, S1L. (z) D1L, S0L. Q : Income effect of increase wage When the When the income effect of a wage raise is more powerful than the substitution effect, in that case the: (i) labor supply curve will be “backward bending.” (ii) unemployment rate will rise since more people will be av
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