Explain important specific functions of material economics
Explain the important specific functions of material economics?
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Given are the significant exact functions of managerial economist;
• Sales forecasting and market research. • Production scheduling and economic analysis of competing industry. • Investment appraisal and Security management analysis. • Advise for foreign exchange management. • Advice upon trade and also environmental forecasting. • Economic analysis of agriculture Sales forecasting.
What is social cost of production?
When the substitution effect of a wage raise dominates the income effect, in that case the: (1) labor supply curve will be "backward bending." (2) value of the marginal product will exceed the wage rate. (3) labor force participation
When, for a perfectly competitive firm that price exceeds the marginal cost of production then the firm must: w) raise its output. x) reduce its output. Y) keep output constant and enjoy the above normal profit. z) lower the price.
An apparent monopoly might charge the competitive price in the long run when: (w) exit is costly. (x) entry and exit are relatively costless. (y) this is not a natural monopoly. (z) this is not regulated. Q : Use of Screening and Credentialism Critics of the wide use of screening and signaling within hiring practices argue which: (w) formal training is never very important in preparing workers with necessary skills. (x) worker credentials tend to be negatively related to productivity. (y) l
Critics of the wide use of screening and signaling within hiring practices argue which: (w) formal training is never very important in preparing workers with necessary skills. (x) worker credentials tend to be negatively related to productivity. (y) l
Define naive method and its techniques briefly.
Define the difference between accounting and economic cost.
What are the important pricing strategies?
Explain the role of demand factor in pricing briefly.
What are the important areas of decision-making?
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