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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.
howw much should the firm produce to maximize its profits
Commercial Banks A Commercial Bank is a financial institution which undertakes all kinds of ordinary banking business like accepting deposits, advancing loans and is a member
explain the role of managerial economist
What is Demand theory: Demand theory relates to the study of consumer behaviour. It addresses questions like what incites a consumer to buy a particular product, why do consume
Q. Production Planning in demand forecast period ? Long term production planning can assist the management in organising long term finances on practical terms and conditions. S
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
“Managerial economics involves use of economic analysis to make business decisions involving the best use of a firm’s scarce resources” Explain the statement with suitable example.
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
Average Revenue (AR) This is the revenue per unit of the commodity sold. It is obtained by dividing Total Revenue by total quantity sold. For a firm in a perfectly competiti
Define Aunifying and omniscient theme Aunifying and omniscient theme found in managerial economics is the attempt to achieve optimal results from business decisions whereas tak
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