Explain managerial economics as a tool for decision making
Does managerial economics as a tool for decision making? Explain this term.
Expert
Decision making: It is an integral part of modern management. Perhaps the most significant function of the business manager is this. It is the process of selecting one action from two or more option course of actions. Resources like land, labour and capital are restricted and can be employed in different uses, therefore the question of choice is arises.
Managers of business organizations are constantly faced along with broad variety of decisions in the areas of product selection, pricing, cost control, plant expansion and asset management. Manager has to select best among the alternatives by that available resources are most efficiently used for getting the desired aims.
What is the difference between economics and managerial Economic?
Describe briefly Cost Volume-Profit relationship?
The market supply of labor is the sum of the: (1) quantities of labor supplied by households at each wage. (2) wages paid to households for each quantity supplied. (3) quantities demanded by firms at each wage. (4) marginal products of labor at each l
Illustrates the plethora of definitions regarding subject matter of economics?
A backward bending supply curve for labor arises while: (w) firms wish to hire only a specific quantity of labor. (x) there is a change in the elasticity of resource supply. (y) workers prefer leisure over added income above several wage. (z) minimum
Average female wages are historically beneath the average for male workers due to: (w) concentration in low income occupations. (x) placement in low status job positions. (y) lower admission in professional schools and skilled trades.
Explain about input output table method.
Suppose that the auto market began at the intersection of S0 and D0 before people began to expect auto prices to rise in the close to future. How will it influence the auto market?: (1) No change. (2) Demand shifts to D2. (3) Demand sh
For labor Plastibristle’s demand is most wage elastic at: (1) point a. (2) point b. (3) point c. (4) point d. Q : Illustrates the Expert Opinion method Illustrates the Expert Opinion method of Demand Forecasting?
Illustrates the Expert Opinion method of Demand Forecasting?
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