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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.
APPLICATION OF MANAGERIAL ECONOMICS Tools of managerial economics can be used to accomplish virtually all the goals of a business organisation in an efficient manner. Typical m
Explain the Decision-making theory Decision-making theory and game theory that recognise the conditions of imperfect knowledge and uncertainty under which business managers ope
Q. Causes for diseconomies of scale? The most significant cause for diseconomies of scale is the diminishing returns to management. As the output grows beyond certain level the
Types of isoquant
What is an effective need of demand 1. An Effective Need: Effective need demands that there must be a need supported by the capacity and readiness to shell out. Henceforth there
Demand-pull inflation is when aggregate demand exceeds the value of output (measured in constant prices) at full employment. The excess demand of goods and services cannot be met
Explain the classification of oligopoly?
gap between economic theory and business practice
Economics is generally defined as the problem of how best to allocate limited resources, limited because needs are characterized as unlimited, but common sense tells us that rather
EFFICIENCY-WAGE THEORIES OF UNEMPLOYMENT Efficiency wage theories are clearly non-Walrasian theories in as much as they postulate payment of wages that are higher than m
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