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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.
Question: (a) The regression results for the quantity demanded of good X is given by ln Q X = 1220 - 9.5 ln P X - 2.21 ln P Y + 1.01 ln M t values (5.3) (-5.1
CAPITAL ACCOUNT This records all transactions arising from capital movements into and out of the country. There are a variety of such capital flows recorded, namely: i.
Demand for money The demand for money is a more difficult concept than the demand for goods and services. It refers to the desire to hold one's assets as money rather tha
Concept of Managerial Economics The discipline of managerial economics deals with characteristics of economics and tools of analysis that are used by business enterprises for dec
The city of Cabernet is very popular for its production of wine. The inhabitants of the city have an aggregate demand for wine that can be described as follows: where Q d
REGRESSIVE TAX A tax is said to be regressive when its burden falls more heavily on the poor than on the rich. No civilized government imposes a tax like this.
what is segmentation
Structural unemployment Caused by structural changes such that there exist: Cyclical unemployment : During depression, prices are too low and profit margins remain d
A chemical producer dumps toxic waste into a river. The waste decreases the population of fish, decreasing profits for the local fishing industry by $100,000 per year. The firm cou
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