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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.
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. Describe the Public Utility Monopoly? Public Utility Monopoly: Governmental authorities seize complete management and control of some utilities to protect social interest
The elasticity of a demand curve is frequently judged by its appearance: the flatter the demand curve, the greater the elasticity and vice versa. However this conclusion is mislead
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.
What is advertising elasticity? Explain
MONOPOLISTIC PRACTICES The following practices may be said to characterize monopolies. Exclusive dealing to supply and collective boycott Producers agree to supply onl
Assume that Nicolas and Orson plan to sell soft drinks on a beach this summer. The beach is 400 meters long and sunbathers are spread evenly across its length. Nicolas and Orson se
Functions or Purposes of Taxation The functions of taxation can be discussed from the activities of the government it is meant to achieve. These are: a. Raise reven
Model Specification We proceed with the model specification in the following steps. 1) The economy is composed of competitive firms (F in number) and identical workers
write a note on marris growth maximising model?
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