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Techniques of Managerial Economics
Managerial economics draws on a wide range of economic tools, concepts and techniques in decision-making process. These concepts can be considered as follows:
(1) Theory of the firm that explains how businesses make a diversity of decisions;
(2) Theory of consumer behaviourthat describes consumer's decision-making process and
(3) Theory of market structure and pricing that describes the structure and characteristics of different market forms under that business firms operate.
One lumber producer may locate a plant in the same area. If it does, there will be more competition for labor and the labor supply function facing Northern will shift to
Ingrid and Jeff would like to use Saturday night together but have dissimilar tastes in entertainment. Jeff would like to go to the opera but Ingrid would prefer to see soccer. As
define scarcity and opportunity cost.Show how these concept are useful in managerial decision making
Describe the Application of economic theories Pertinent business decisions necessitate an unambiguous understanding of the environmental and technical conditions under which bu
Is a “perfectly competitive market” an efficient mechanism for the allocation of scarce resources? When it is, explain why. When it is not, document reasons for either inefficient
FACTORS RESPONSIBLE FOR WAGE DIFFERENTIALS BETWEEN OCCUPATIONS The major cause is demand and supply for the particular labour concerned, but other causes could be: i.
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
what is objective
Variable Costs (VC) These are costs, which vary with the level of production. The higher the level of production, the higher will be the variable costs. They are associated
No new substitutes for the commodity If some new substitutes for a commodity appear in the market, its demand normally declines. This is quite natural, since with the availabil
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