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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.
encrimetal concepts
Gross Domestic Product A measure of national economic activity, GDP is measured from two approaches. GDP can be viewed as the total value of all goods and services produced in
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
Exceptional supply curves In have some situations the slope of the supply curve may be reversed. i) Regressive Supply. In this case, the higher the price within a ce
Consider a magnetic disk consisting of 16 heads and 400 cylinders. This disk is divided into four 100-cylinder zones with the cylinders in different zones containing 160, 200, 240,
Q. Explain Mark-up pricing? In addition to using above methods to conclude a firm's optimal level of output, a firm can also set price to maximise profit. Optimal markup rules
what is the relation between leverage and elasticity?
Discount Rate (Bank Rate) This is the rate on central bank advances and is also called official discount rate or "minimum lending rate". When commercial banks find themselves
Q. What do you mean by External Economies? External economies arise outside the firm as a result of improvement in industrial environment in that the firm operates. They are ex
Bain''s limit pricing theory advantages and disadvantages
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