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.
A cartel is more likely to succeed and survive when: (w) members respond to incentives to cheat. (x) fringe producers are not members. (y) total market demand is less elastic. (z) close substitute goods are simply developed. Q : Dependency of labor supplies Labor Labor supplies depend on wage rates and also: (w) labor force participation and capital availability. (x) worker skills and preferences regarding employment. (y) technology and the price of output. (z) labor force participation and derived demand.
Labor supplies depend on wage rates and also: (w) labor force participation and capital availability. (x) worker skills and preferences regarding employment. (y) technology and the price of output. (z) labor force participation and derived demand.
If a perfectly competitive firm determines that its market price is below its minimum average variable cost, this will sell: w) the output where marginal revenue equivalents marginal cost. x) any positive output the entrepreneur decid
When, for a specified output level, an absolute or perfectly competitive firm's price is less in that case its average variable cost, so the firm: w) is earning a profit. x) must shut down. y) must increase output. z) must increase price. Q : Demand demand has three demand has three essentials-damand+purchasing power+.???
demand has three essentials-damand+purchasing power+.???
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
States the determinants of elasticity?
The words “marginal factor costs” or “marginal resource costs” taken as to the: (w) extra cost involved in producing an additional resource. (x) extra cost involved while producing an additional unit of a resou
When a firm does not influence the wage rate no matter how many workers this hires, then: (1) MRPL = MRCL for all feasible output levels for the firm. (2) MRCL = MPPL for all feasible output levels for the firm. (3) MPPL = MRPL for all feasible output
How is the Demand forecasting important?
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