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Define the simple statistical concepts of average
Simple statistical concepts of average (mean) and standard deviation are used. Estimating a relationship among variables needs a more advanced statistical technique. For instance, a firm may desire to estimate its cost function which means the relationship between cost concept and level of output. A firm can also wish to demand function of its product which is the relationship between demand for its product and factors which influence it. Estimates of costs and demand are generally based on data supplied by the firm. Statistical estimation technique used is known as regression analysis and is used to engender a mathematical model showing how a set of variables are related. This mathematical relationship can also be employed to produce forecasts.
Q. Explain about Inventory Economies? Inventory Economies: Role of inventories is to aid the firm in meeting random changes in the output and the input sides of the operations
Q. Illustrate about Pecuniary economies? Pecuniary economies (which is monetary economies) are those economies accrued by the firm from paying lower prices for the factors used
TC=100+0.15Q, Qu=1000-10Pu
A complementary facility for commodity-related shortfalls in export earnings This is the most recent proposal of the Group of 77 at UNCTAD in June 1979. There they requested
Consider the following table. It shows the market shares of seven clothing stores (A to G) in five dissimilar cities. a) Calculate the Herfindahl index (?H) for each city.
Explain how managerial economics is useful for decision making
Prices of the factors of production As the prices of those factors of production used intensively by X producers rise, so do the firms' costs. This cause supply to fall as some
Q. Show the Fixed Proportion Production Function? A fixed proportion production function is one in that technology needs a fixed combination of inputs, say labour and capital,
1. Prof. Thomas "Generally the term Monopoly is used to cover any effective price control, whether of demand or supply of services or goods; hardly it is used to mean a combination
define scarcity and opportunity cost.Show how these concept are useful in managerial decision making
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