Meaning of managerial economics
What is the meaning of managerial economics?
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Managerial economics bridges the gap between old economic theories and real business practices in two ways:
i) It provides tools and techniques to enable the manager to become more capable to take decisions in real and practical situation. ii) It serves as an integrating course to demonstrate the interaction between ranges of areas in which the firm operates.
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 causes of business cycle?
Illustrates the relation between Average Revenue, Total Revenue and Marginal Revenue?
Explain the decision making areas of the decision making.
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.
Illustrates about the Barometric techniques?
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 : What are the important areas of What are the important areas of decision making?
What are the important areas of decision making?
Illustrates the Expert Opinion method of Demand Forecasting?
What are the external factors in governing prices?
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