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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.
critically analysis the profit maximisation theory of business firm and illucidet the role of profit in business
how sample size technique is helpful in demand forecasting of a particular product?
Calculate point elasticity of demand for demand function Q=10-2p for decrease in price from Rs 3 to Rs 2
When given two demand functions to calculate elasticity of demand do you use point elasticity or arc elasticity of demand formula
if Q=120-2p is the equation for demand curve, find the compounding total, marginal and average revenue function
Utility Utility is the amount of satisfaction derived from the consumption of a commodity or service at a particular time. Utility is not inherent but a psychological satisfa
Industry Paper: As a partial requirement for this course, you will have to submit a paper on an Industry of your choice. This is a highly structured paper, which consists of: 1.
For the pair of supply and demand equations,where x represents the quantity demanded in units of a thousand and p the unit price in dollars, find the equilibrium quantity and the e
Consider an economy with two individuals. Individual 1 has (inverse) demand curve for a public good given by P1=60-2Q1, While individual 2 has (inverse) demand curve for the public
Rationing of Credit As an instrument of credit control credit rationing was first employment by the bank of England toward the end of the eighteenth century when it imposed a c
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