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Individual and market demand schedule The plan of the possible quantities that will be demanded at different prices by an individual is called Individual demand schedule. Su
MEANING OF MANAGERIAL ECONOMICS Managerial economics which is used synonymously with business economics is a branch of economics which deals with application of microeconomic ana
THE MONETARY ACCOUNT Also called official financing, this comprises the financial transactions of the government (handled by the central bank) needed to offset any net outflow
State the Basis of business policies Managerial economics is the founding principle of business policies. Business policies are prepared based on studies and findings of manage
How does economic theory contribute to managerial decisions?
NORMAL AND SUPERNORMAL PROFITS Normal profit refers to the payment necessary to keep an entrepreneur in a particular line of production. In economics, it is generally belie
Explain the concept of externality in economics? Give one example of a positive and a negative externality in Australia.
Apprehensions about the future price of law of demand When consumers anticipate a constant rise in the price of a long-lasting commodity, they buy more of it despite the price
The use of arc elasticity in economic analysis involves a good deal of chariness since it is capable of being misinterpreted. Arc elasticity coefficients vary between the same two
Q. What do you mean by Oligopoly? Type of market condition that is most appropriate in the today's economy, is oligopoly. It's characterised by mutual interdependence among a f
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