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How economics contributes to managerial functions
However economics is variously defined, it's basically the study of logic andtechniques and tools, to make optimum use of available resources to attain the given ends. Economics affords analytical techniques and tools that managers require to achieve the goals of the organisation they manage. So a working knowledge of economics, not essentially a formal degree, is crucial for managers. Managers are basically practicing economists.
Another vital relationship that is often referred to in economic analysis is the relationship between consumption expenditure andprice elasticity. From the law of demand, we know t
What are the Methods of Managerial Economics The process of managerial economics deals with aspects of economics and tools of analysis, which are employed by business enterpri
Macro-economic policy objectives The major macro-economic policy objectives which the governments strive to achieve are: i. Full employment One of the main objectives
what does it mean?
Describe the Managerial functions A manager has to take numerous decisions that conform to the objectives of the firm. Several business decisions fall prey to conditions of ris
what are the instruments variable of marrise''s model?
monopolistic competition
TYPES OF BUDGETS 1. Deficit budget If the proposed expenditure is greater than the planned revenue from taxation and miscellaneous receipts, this is a budget defic
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
Search and Matching Model It should be clear to you fiom the earlier section that there are a variety of models under the rubric of search theory. In this sec
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