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Concept of Managerial EconomicsThe discipline of managerial economics deals with characteristics of economics and tools of analysis that are used by business enterprises for decision-making. Industrial and Business enterprises have to undertake varied decisions that entail managerial issues and decisions. Decision-making can be defined as a process where a specific course of action is chosen from some alternatives. This demands an unclouded perception of the environmental and technical conditions thatare integral to decision making. The decision maker should possess a thorough knowledge of aspects of economic theory and its tools of analysis.
Prices of other related goods i) Substitutes: If X and Y are substitutes, then if the price X increases, the quantity demanded of X falls. This will lead to inc
Financial engineering deals with the design of new assets. Draw the payoff (at t=1) of the following bull butterfly spread: Purchase 1 call with exercise price a Sell 2 ca
Neo Classical vs Keynesian School We know that Keynesian economics was propounded as a revolution against the then prevailing orthodoxy of the classical school. In time,
Q. Causes for diseconomies of scale? The most significant cause for diseconomies of scale is the diminishing returns to management. As the output grows beyond certain level the
monopoly
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
Calculate point elasticity of demand for demand function Q=10-2p for decrease in price from Rs 3 to Rs 2
Define the Managerial economics Managerial economics is thus a study of application of managerial skills in economics. It assists in determining, anticipating and resolving po
gap between economic theory and business practice
What is Normative economics It is concerned with varied corrective measures which a management undertakes under different circumstances. It deals with goaldevelopment, goal det
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