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Explain Managerial economics according to Mote and Paul
Haynes, Mote and Paul: "Managerial economics refers to those characteristics of economics and its tools of analysis most relevant to the firm's decision-making process". By definition, consequently, its scope doesn't extend to macro-economic theory and economics of public policy, an understanding of which is also necessary for the manager.
The Budget line and its economic interpretation The indifference curve shows us consumer preferences but it does not show us the situation in the market place. Here the consu
Problem: Long-Run Labor Demand and Factor Substitutability Suppose there are two inputs in the production function, labor (L) and capital (K), which can be combined to produce
Q. Explain the Shut down point? ShutdownPoint: With MR = MC, firm attains equilibrium at point E where it produces OM amount of the output. To produce this output, firm incur
Q. What is Marketing Economies? They are allied with selling of the product of the firm. They arise from advertising economies. Because advertising expenses increase less than
BU 5210 Final Summer 2013 Economic Analysis
Equilibrium National Income in a Frugal Economy Saving and investment are examples of two categories of expenditure called withdrawals and injections. A WITHDRAWAL is any inc
KEYNESIAN VIEW ON UNEMPLOYMENT Keynes in his General Theory presented a view that fluctuations in aggregate demand (AD) influences the equilibrium level of output. Thus
what is the full concept of discounting principles of managerial economics ?
Marginal Cost This is the increase in total cost resulting from the production of an extra unit of output. Thus, if TC n is the total cost of producing n
Actual income and Full employment income Full employment income (Also called Potential National) is the national income that could be produced when the country's factors of pr
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