Application of microeconomic theories on decisions

Reference no: EM133480134 , Length: 15 pages

Managerial Economics

General Topic: Application of microeconomic theories (theory of firms and consumers) on Decisions related to Business Administration

Questions to be answered:

Question 1. How to apply the theory of production and cost of production in business decisions? (initial investment, profit maximization and expansion)

Question 2. How does the marketing structure of an economy influence the decision made by firms?

Question 3. For Optimal Decision making, how can the firms apply the elasticity theory (price elasticity of demand, income elasticity of demand and cross-price elasticity of demand)?

Question 4. How do the decisions made by individual firms (through the application of microeconomic theories) influence the macro economy of any nation?

Contents of your essay:

o Introduction

o Body of the paper supported by empirical evidence

o Conclusion

Reference no: EM133480134

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