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Concept of Managerial EconomicsThe discipline of managerial economics deals with characteristics of economics and tools of analysis that are used by business enterprises for decision-making. Industrial and Business enterprises have to undertake varied decisions that entail managerial issues and decisions. Decision-making can be defined as a process where a specific course of action is chosen from some alternatives. This demands an unclouded perception of the environmental and technical conditions thatare integral to decision making. The decision maker should possess a thorough knowledge of aspects of economic theory and its tools of analysis.
Marginal utility approach The downward sloping nature of the demand curve can be explained by using the law of diminishing marginal utility . For instance, consider a consum
Fundamental of managerial economic
Q. Describe Managerial and behavioural theories? It was only in 1960s that neo-classical theory of firm was disputed by alternatives like behavioural and managerial theories. M
TERMS OF TRADE The relation between the prices of a country's exports and the prices of its imports, represented arithmetically by taking the export index as a percentage of t
limitations of managerial ecomomics
PRICE ELASTICITY OF SUPPLY AND THE SLOPE OF THE SLOPE CURVE For a straight line supply curve, the gradient is constant along the whole length of the curve, but elasticity
Functions of the Budget The budget fulfils three main functions: To raise revenue to meet government expenditure The government of a country provides certain se
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 ava
What are the conclusions about the cost of production and efficiency in the long-run equilibrium of a perfectly competitive industry? Three conclusions regarding the cost of pr
Classification of oligipoly
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