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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.
Why do the managers in marris model maximise their satisfaction by choosing a higher growth rate and a lower valuation ratio when compared to the profit maximisation
isoquant and its properties
Equilibrium and Disequilibrium in the Balance of Payments If on the current account , the value of exports is equal to the value of imports, the balance of payments is said t
Q. What is Marginal cost curve? MC curve is also 'U' shaped as in Figure below. Marginal cost curve falls initially but then reaches a minimum point and lastly rises. Shape of
Decrease in Demand At the initial equilibrium price P 1 , quantity demanded falls from q 1 to q d . But the quantity supplied is still q 1 at this price. Hence, this
Advantages of Perfect Market It achieves, subject to certain conditions, an allocation of resources which is: socially optimal" or "economically efficient" or "pareto effi
define equi marginal principle
Advantages of the Mixed Economy Necessary services are provided in a true market economy, services which were not able to make profit would not be provided. Incentive: Sin
THE GOVERNED ECONOMY The governed economy contains central authorities often simply called "the government" - who levy taxes on firms and households and which engages in numer
International Commodity Agreements (ICAS) International Commodity Agreements (ICAS) represents attempts to modify the operation of the commodity markets so as to achieve vario
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