Illustrates the responsibilities of managerial economists
Illustrates the responsibilities of managerial economists?
Expert
The managerial economists have responsibilities as given below:
a. For bringing reasonable profit to the company. b. For making precise forecast. c. For establishing and maintaining contact along with individual and data sources. d. For keeping the management informed of all the probable economic trends. e. For preparing speeches for business executives. f. For participating into public debates g. For earning full status within the business team.
States the functions and responsibilities of managerial economist?
A firm maximizes profit through hiring labor at the point where labor’s: (1) marginal physical product equals its average physical product. (2) marginal revenue product equals its marginal resource cost. (3) rate of exploitation is greatest. (4)
Illustrates the private cost of production?
By lying off three workers, total costs of a firm fall by $210 per day, indicating that the marginal: (w) revenue product of labor is $210. (x) revenue product of labor is $70. (y) resource cost of labor is $210. (z) resource cost of labor is $70.
Explain the marginal input-output relationship in short run and long run.
Explain the Exceptional Demand Curve.
Derived demand refers to: (w) consumer demand for products, based on expected utility. (x) government demand for social goods, based upon tax revenue. (y) business demand for resources, based upon consumer demand for products. (z) supplier demand for
The individual household within a purely competitive labor market as: (w) has a perfectly elastic supply of labor at the market wage. (x) has a perfectly inelastic supply of labor at the market wage. (y) faces a perfectly elastic demand for its labor
Explain the chief characteristics of managerial or business economics.
Illustrates the factors governing prices and pricing decision in briefly?
18,76,764
1957131 Asked
3,689
Active Tutors
1440103
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!