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Describe the Managerial decisions
Managerial decisions are an important component in the working wheel of an organisation. The failure or success of a business depends upon the decisions taken by managers. Increasing complexity in business world has spewed forth greater challenges for managers. Today no business decision is bereft of influences from areas other than the economy. Decisions relevant to production and marketing of goods are shaped with a view of world both inside and outside the economy. Rapid changes in technology, greater emphasis on innovation in products along with processes that command influence over marketing and sales techniques have contributed to escalating complexity in business environment. This composite environment is coupled with a global market where input and product prices are have a propensity to fluctuate and remain volatile. These actors work in tandem to increase the difficulty in precisely evaluating and determining the outcome of a business decision. Such momentary environments give rise to a pressing need for sound economic analysis before making decisions.
Total Cost (TC) This is the sum of fixed costs and variable costs i.e. TC = FC + VC.
Traditional theoretical concepts to actual business behaviour Accommodating traditional theoretical concepts to actual business behaviour and conditions: Managerial economic
A firm hires two risk-neutral workers to assemble bicycles and pays $20 for each assembly.Charlie's marginal cost of allocating effort (measured in dollars) to the production proce
Determine The scope of managerial economics The scope of managerial economics involves following subjects: 1. Theory of demand 2. Theory of production 3. Theory of
What are the limitations of managerial ecomimics
Q. What do you mean by Legal Monopoly? Legal Monopoly: Some monopolies are engendered and protected under various laws. Inventors of new processes, devices or articles attain
Tastes of the buyer must not alter Any alteration which takes place in the taste of consumers will in all probability thwart the working of the law of demand. It frequently hap
The Central Bank These are usually owned and operated by governments and their functions are: i. Government's banker : Government's need to hold their funds in an ac
FACTORS AFFECTING THE ABILITY OF TRADE UNIONS TO GAIN LARGER WAGE INCREASES FOR ITS MEMBERS The basic factor is elasticity of demand for the type of labour concerned. The ela
State the difficulties in the measurement of profit.
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