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Define the Managerial economics
Managerial economics is thus a study of application of managerial skills in economics. It assists in determining, anticipating and resolving potential obstacles orproblems. These problems may concern to prices, costs, forecasting future market, profits, human resource management and so on.
Gross Domestic Product A measure of national economic activity, GDP is measured from two approaches. GDP can be viewed as the total value of all goods and services produced in
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Explaination of the Marris Model
Monetary policies This is the direction of the economy through the variables of money supply and the price of money. Expanding the supply of money and lowering the rate of in
Elastic Supply Supply is said to be price elastic if changes in price bring about changes in quantity supplied in greater proportion. Thus, when price increases, quantity sup
COSTS OF UNEMPLOMENT AND INFLATION In an economy both unemployment and inflation have adverse effects and policy makers formulate policy instruments to contain both
Stable and Unstable Equilibrium An equilibrium is said to be stable equilibrium when economic forces tend to push the market towards it. In other words, any divergence from t
A monopolist faces a straight line demand curve which passes through the point Rs 10 per ton on the price-cost axis and through the point 8000 tons on the quantity axis. The fir
explain the cyert and march theory of firm
Macro-economic policy objectives The major macro-economic policy objectives which the governments strive to achieve are: i. Full employment One of the main objectives
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