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WHY MANAGERS NEED TO KNOW ECONOMICS
The influence of economics towards the performance of managerial duties and responsibilities is of major importance. The importance and contribution of economics to the managerial profession is akin to the contribution of biology to medical profession and physics to engineering. It has been perceived that managers equipped with a working knowledge of economics overcome their otherwise equally qualified peers, who lack knowledge of economics. Managers are responsible for attaining the objective of the firm to the maximum possible extent with limited resources placed at their disposal. It is significant to note that maximisation of objective has to be attained by utilising limited resources. In the event of resources being unlimited, such as sunshine orair, the problem of economic utilisation of resources or resource management wouldn't have arisen.
Q. What is Technical Economies? The significant technical economies result from the use of specialised capital equipment that comes into effect only when output is produced on
Q. Types of production function? Production function is of two different forms: The variable proportion production function The fixed proportion production functio
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different types of markets and role in managerial economics
marris'' model of managerial enterprise?
The Budget line and its economic interpretation The indifference curve shows us consumer preferences but it does not show us the situation in the market place. Here the consu
Liquidity and the multiple contraction of deposits Many of the instruments of monetary policy depend upon limiting liquidity, which has a multiple effect upon bank' deposits t
A study of 86 savings and loan associations in six northwestern states yielded the following cost function. I''ve been given the following data; C=2.38- .006153Q1 + .000005359Q2 +
Direct Action Direct action in more than one from has been employed by the central banks either as an alternative to their discount rate policy or open market operations or tog
Buffer stocks and stabilization funds In this case the government buys up part of the supply when output is excessive, stores this surplus, and resells it to consumers in time
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