What are the scopes of managerial economics
What are the scopes of managerial economics?
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Managerial economics provide solution to the problems of non profit organizations like schools, hospital etc. The extents of managerial economics cover mainly two areas of decision making:
(a) Operational or internal issues. (b) Environmental or external issues.
Economy-extensive efficiency needs both allocative and technical efficiency within production and: (w) equity within the distribution of national income. (x) biological efficiency, in that people's basic desires should be met. (y) pol
The expected losses to workers through shirking are increased while a firm adopts a policy of: (w) dividing productive tasks thus the division of labor is optimal. (x) paying efficiency wages which exceed market-clearing wages. (y) avoiding legal liability by not writ
Attempts to decrease shirking by paying workers more than they could earn within their next best potential jobs involves: (1) screening. (2) corporate acculturation. (3) efficiency wages. (4) signaling. (5) collective bargaining. H
A change in a derived demand is best demonstrated while there are increases in: (1) sales of roasted peanuts during baseball season. (2) new car sales during economic downturns. (3) orders for new capital throughout economic booms. (4) beef prices when cowboys unioniz
Economic efficiency for all consumption and production choices would guarantee getting the social objectives of: (w) equality of income distribution. (x) employment and educational opportunities for all. (y) enhanced environmental quality. (z) None of
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
what are the criteria for good forecasting
States the Wealth Definition in economics?
Illustrates the relatively elastic 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
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