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Economics contributes a great deal with towards the performance of managerial duties and responsibilities. Just as biology donates to the medical profession and physics of engineering, economics contributes to the managerial occupation. All other qualifications being the similar, managers with a working knowledge of economic can perform their functions more effectively than those without it. The basic functions of the managers of a business firm are to achieve the objective of the firm to the maximum possible extent with the limited resources placed at their disposal. The emphasis here is one the maximization of the objective and limited of the resources. Had the resources been limitless, such as sunshine and air, the problem of economizing on resources or resource management would have never arisen. But resources, how so ever defined are limited. Resources at the disposal of a firm, whether finance, men or material, are by all means limited. Therefore the basic task of the management is to optimize the use of the resource.
EFFICIENCY-WAGE THEORIES OF UNEMPLOYMENT Efficiency wage theories are clearly non-Walrasian theories in as much as they postulate payment of wages that are higher than m
Price rise in future must not be expected - law of demand If the buyers of a commodity expect that its price will increase in future they raise its demand in response to an in
100 schools are given exactly one million dollars each in grant money. They can spend the money on any or all of three programs: math tutoring (math), kickball lessons (kickball),
Jane, the manager of a company manufacturing air-conditioning units can choose between two production technologies for a new product line. If she chooses and installs technology 1,
Q. What do you mean by Cost Function? Cost function is a derived function. It's derived from the production function that describes the efficient method of production at any gi
what is segmentation
Ask questiHow does economic theory contribute to managerial decisions? on #Minimum 100 words accepted#
NOMINAL RIGIDITIES VERSUS REAL RIGIDITIES Nominal rigidities are said to exist when nominal prices and wages do not change in the face of conditions that call for thei
Use the data set cd costs2010 to estimate the marginal cost of one more CD. (Regress costs on the number of CDS.) Test the hypothesis that the marginal cost equals 75 cents. How wo
Problem 1: All economies of the world can be said to be ‘mixed', to a greater or lesser degree, in that there is no economy where there is no state activity and no economy wher
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