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How economics contributes to managerial functions
However economics is variously defined, it's basically the study of logic andtechniques and tools, to make optimum use of available resources to attain the given ends. Economics affords analytical techniques and tools that managers require to achieve the goals of the organisation they manage. So a working knowledge of economics, not essentially a formal degree, is crucial for managers. Managers are basically practicing economists.
Monetary Policy Meaning of Economic Growth: The primary function of an whether socialist or capitalist is to satisfy people maximum wants. It must produce consumer goods to make
When is production profitable according to price-taking firm at profit, break-even or loss? Production profitable at profit, break-even or loss: a. When TR > TC, in that cas
1. Joe is evaluating the marketing strategy at his restaurant and inn. Suppose that in response to a $2.00 off sales promotion for spaghetti dinners, Joe finds that nightly dinner
Mankiw Model of Nominal Rigidities There are two related reasons for which firms do not frequently change prices. First, as we saw in the discussion on menu costs, the cost
Shifts in demand curve Shifts in the demand curve are brought about by the changes in factors like taste, prices of other related commodities, income etc other than the price
Calculate point elasticity of demand for demand function Q=10-2p for decrease in price from Rs 3 to Rs 2 . Thanks a lot!
Calculate point elasticity of demand for demand function Q=10-2p for decrease in price from Rs. 3 to 2
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Total Cost (TC) This is the sum of fixed costs and variable costs i.e. TC = FC + VC.
A firm in a perfectly competitive market invents a new situation of production that lowers its marginal costs. What happens to its output? What happens to the price it charges?
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