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Determine the Application of managerial economics
Application of managerial economics isn't restricted to profit-seeking business organisations. Tools of managerial economics can be applied equally well to decision problems of non-profit organisations. Mark Hirschey and James L. Pappas mention the example of a non-profit hospital making use of managerial economics techniques for optimisation of resource use. Whereas a non-profit hospital isn't like a typical firm seeking to maximise its profits, a hospital does strive to offer its patients the best medical care possible given its limited staff (nurses, doctors and support staff), equipment, space and all other resources.
Q. Explain Supernormal Equilibrium? Supernormal Equilibrium: E is the point of stable equilibrium as MC = MR and MC cuts the MR from below. Figure: Supernormal Equ
Q. Illustrate Internal Economies of Scale? Internal economies of scale are the benefits of large scale production. They are enjoyed by the firm when it increases its scale of p
Advantages a. It is more equitable. The broader shoulders are asked to carry the heavier burden. b. It satisfies the canon of productivity as it yields
What is identity economics? How does identity economics help to explain economic questions that standard economics fails to address?
Q. Development of Skilled Labour - External Economies? As the industry grows training facilities for labour will increase. This helps development of skilled labour that would i
The relationship between, total expenditure and price elasticity of demand has summed up in the below table: Table: Elasticity and Consumption Expenditure Elas
Transfer Payments Are any payments made to households by the government that are not made in return for the services of factors of production i.e. there is no Quid pro Quo. S
iwant presentation on united postal services on social cost and benefits
Opportunity cost is cost of a different that must be forgone in order to pursue a definite action. Put another way, the advantages you could have received by taking an alternative
If the marginal product of L is MPL = 10K - L and the marginal product of K is MPK = 10L - K, then what is the maximum possible output when the total amount that can be spent on K
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