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MEANING OF MANAGERIAL ECONOMICSManagerial economics which is used synonymously with business economics is a branch of economics which deals with application of microeconomic analysis to decision-making techniques of businesses and management units. It behaves as the via media between pragmatic economics andeconomic theory. Managerial economics bridges the gap between 'pracis'and 'theoria'. The beliefs of managerial economics have been derived from quantitative techniques likecorrelation, regression analysis and Lagrangian calculus (linear).
p=10, TC= 1000+2Q+.01Q^2, Q=?
A company is selling a particular brand of tea and wishes to introduce a new flavor. How will the company forecast demand for it.
Dan and Ann are chemical engineers working for a biotech company. Each of them would like to be promoted to a managerial position, but only one of them can get the job. Their super
Arguments against Monopoly However monopolies have been accused of the following weaknesses. Diseconomies of scale While the monopolistic firm ca
Uses of Indifference Curve Analysis Indifference curve analysis is useful when studying welfare economics as follows: They are used to indicate the amount of income and
Explain cost output relationship with reference to: a. Total fixed cost and output b. Total variable cost and output
Problem: Long-Run Labor Demand and Factor Substitutability Suppose there are two inputs in the production function, labor (L) and capital (K), which can be combined to produce
Define Managerial economics according to McNair and Meriam McNair and Meriam: "Managerial economics comprises the use of economic modes of thought to analyse business situatio
Q. What is Right Angled Isoquant? This presumes zero substitutability of factors of production. There is just one method of producing any one commodity. In this case, isoquant
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