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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.
Determinants of the money supply Two extreme situations are imaginable. In the first situation, the money supply can be determined at exactly the amount decided on by the Cen
Consider a manufactured good whose production process generates pollution. The annual demand for the good is given by Qd=100-3P. The annual market supply is given by Qs=P. In both
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The demand curve Suppose that starting from a condition of equilibrium, the price of X falls relative to Y. We now have a condition where the utility from the last shilling s
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