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State the relevant economic quantities
Managerial economics helps the management in predicting numerous economic quantities like profit, cost, capital, demand, price, production etc. As a business manager has to function in an environment of uncertainty, it's imperative to anticipate the future working environment in terms of said quantities.
incremental raising
Usually, elasticity of a demand curve throughout its length isn't the same (Fig. below). It varies between 0 and ∞, or in other words, 0 ≤ e p ≥ ∞ In some cases, though, the
determine points in units and reorder quantity normal sales=2 month; reorder time=15days; max stock=6 units; safety stock=1 unit ( based on 95% customer''s satisfaction )
how manager can apply scarcity and oppotunity cost in managerial decision making
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
Thinking about modifications in the model again: Go back to the original model again, but add a marginal propensity to invest, this is, suppose that I = f ( i and Y). The MPI is d
Explain the role scarcity of resources plays in economics decision making
Theory of consumer behavior
Provide two examples of identity economics other than those given in the article
Question 1: (a) How do economists go about studying the economics of the public sector? Describe the four stages of analysis. (b) What are the main reasons explaining syst
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