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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.
Determine the Application of managerial economics Application of managerial economics isn't restricted to profit-seeking business organisations. Tools of managerial economics
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The relationship between, total expenditure and price elasticity of demand has summed up in the below table: Table: Elasticity and Consumption Expenditure Elas
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Hawtrey views about Trade Cycle Hawtrey views trade cycle as a purely monetary phenomenon. According to him, inventory cycles result from fluctuations caused in the desired rat
ISOQUANT ANALYSIS In the long run it is possible for a firm to produce the same output using different combinations of two factors of production. For instance it the two fact
Q. Explain Mark-up pricing? In addition to using above methods to conclude a firm's optimal level of output, a firm can also set price to maximise profit. Optimal markup rules
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what is the role of managerial economics in running a business?
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