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MEANING OF MANAGERIAL ECONOMICSManagerial economics which is used synonymously with business economics is a branch of economics which deals with application of microeconomic analysis to decision-making techniques of businesses and management units. It behaves as the via media between pragmatic economics andeconomic theory. Managerial economics bridges the gap between 'pracis'and 'theoria'. The beliefs of managerial economics have been derived from quantitative techniques likecorrelation, regression analysis and Lagrangian calculus (linear).
1. Define 'Arc Elasticity'. 2. Explain the law of 'Diminishing marginal returns'. 3. What is 'Prisoner's Dilemma', of non cooperative game? 4. What is 'Third degree Discrimation'?
Define the shift in demand curve To put it differently, demand for a commodity means entire demand schedule that demonstrates the varying amounts of goods purchased at alternat
The production function is Q= 20 K0.5 L0.5 Question: For the production function Q= 20 K0.5 L0.5 determine four combinations of capital and labor that will produce 100 and 200 unit
Functions of the Budget The budget fulfils three main functions: To raise revenue to meet government expenditure The government of a country provides certain se
We can analyse the equilibrium of a firm under Perfect Competition in both the long run as well as in the short-run. SHORT RUN EQUILIBRIUM OF A FIRM UNDER PERFECT COMPETITION
THE IMPACT OF INFLATION Inflation has different effects on different economic activities on both micro and macro levels. Some of these problems are considered below: i.
howw much should the firm produce to maximize its profits
What is decreasing marginal cost? All additional lawn mowed generates less benefit than the earlier lawn à along with decreasing marginal benefit; every additional unit generat
Explain baumol''s static model
Q. Avoiding Surplus and Inadequate Production? Demand forecasting is essential for the new and old organisations. It is somewhat necessary if an organisation is engaged in larg
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