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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.
Explain the limitations of managerial economics
POPULATION SIZE AND DEMOGRAPHIC TRENDS a. Changes in Population The people of a country are its consumers. They provide the labour force for production. A study of
Explain the concept of externality in economics? Give one example of a positive and a negative externality in Australia.
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monopoly
REALISM OF PERFECT COMPETITION The assumptions of perfect competition are obviously at variance with the conditions which actually exist in real world markets. Some market
Broader the range of other uses of a commodity, higher the price elasticity of its demand intended for the fall in price though less elastic for the increase in price. As price of
b) Discuss the validity in Zimbabwe of the grounds on which the profit maximising model of the firm has been defended.
State the Demand analysis Analysis of demand is assumed to forecast demand that is a basic component in managerial decision-making. Demand forecasting is of importance since
For the pair of supply and demand equations,where x represents the quantity demanded in units of a thousand and p the unit price in dollars, find the equilibrium quantity and the e
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