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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.
Q. What is Labour Requirements on the production capacity? Labour Requirements: Spending on labour is one of the most vital elements of cost of production. Dependable and cor
Demand for money The demand for money is a more difficult concept than the demand for goods and services. It refers to the desire to hold one's assets as money rather tha
State the Fixed factor of production Input level of a fixed factor can't be varied in the short run. Capital falls under the category of fixed factor. Capital alludes to resour
Suppose that the present level of income in the economy is $700 billion. It is determined that in order to decrease the unemployment rate to the desired level, it will be essential
Discuss the applications of Managerial economics concepts or theories in managerial decision making question..
Relevance of The Law of Diminishing Returns The law of diminishing returns is important in that it is seen to operate in practical situations where its conditions are fulfille
The Firm The unit that uses factors of production to produce commodities then it sells either to other firms, to household, or to central authorities. The firm is thus the uni
define scarcity and opportunity cost.Show how these concept are useful in managerial decision making
Total Cost (TC) This is the sum of fixed costs and variable costs i.e. TC = FC + VC.
How does economic theory contribute to managerial decisions?
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