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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.
APPROACHES TO MEASURING NATIONAL INCOME The compilation of national income statistics is a very laborious task. The total wealth of a nation has to be added up and there are
TYPES OF UNEMPLOYMENT A person can be either in the labour force or not in the labour force of an economy. The person not included in the labour force includ
Question: i) The manager of Top Rock Company is introducing a new product that will yield $200 millions in profits if the economy does not go into recession. However, if a rec
It can be geometrically proved that two elasticity are equal, which is., QB=RD Let's first consider ΔAOB. If we draw a horizontal line from point Q to intersect the vertical axis a
functions of economic development corporation
Custodian of Member Banks Cash Reserves As bankers bank the central bank performs several function. It keeps the cash reserves of commercial banks in the economy and thus acts
Calculate point elasticity of demand for demand function Q=10-2p for decrease in price from Rs 3 to Rs 2
The Firm The unit that uses factors of production to produce commodities then it sells either to other firms, to household, or to central authorities. The firm is thus the uni
Market Structures This refers to the nature and degree of competition within a particular market. Capitalist economies are characterised by a large range of different market
Explain Managerial economics according to Mote and Paul Haynes, Mote and Paul: "Managerial economics refers to those characteristics of economics and its tools of analysis mos
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