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Q. Explain about Managerial Economies?
Large scale production makes possible the division of managerial functions. So there exists a production manager, a finance manager, asales manager, a personnel manager and so on in a large firm. Though all or most of the managerial decisions are taken by a single manager in a small firm. This division of managerial functions increases their efficiency. Decentralisation of managerial decision making also increases the efficiency of management. Large firms are also in a position to introduce mechanisation of managerial functions through the use of computers, telex machines and so on. Therefore as output increases the managerial costs per unit of output continue to decline.
A toy manufacturer makes output according to the production function: where n is the number of workers employed by the firm, O is a technological parameter and g the worker
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Define Williamson''s Model of Managerial Discretion practice?
Average Total Costs (ATC) This is total cost per unit of output, obtained by dividing total cost by total output i.e. ATC = Total Cost Total Outp
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