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Economics has two major branches: (1) micro economics, and (2) both micro and macro economics theories. The parts of micro and macro economics that constitute managerial economics theories depend on the purpose of analysis. In general, the scope of managerial economics all those economic concept, theories and tools of analysis which can be used to analysis the business environment and to find solutions to practical business problems. In other terms, managerial economics is economics applied to the analysis of business problems and decision making. Generally, talking it is applied economics. The fields of business issues to which economic theories can be directly applied may be broadly divided into two categories: (a) operational or internal issues, and (b) environment or external issues.
Describe the Managerial functions A manager has to take numerous decisions that conform to the objectives of the firm. Several business decisions fall prey to conditions of ris
The production function of the personal computers for DISK Company is given by Q = 10 KL where Q is the number of computers produced per day, K s the hours of machine time,
ELASTICITY OF DEMAND
A firm's technology needsit to combine 5 person-hours of labor with 3 machine-hours to make 1 unit of output. The firm has 15 machines in place and the wage rate rises from $10 per
Features of this system The mixed economy includes elements of both market and planned economies. The government operates and controls the public sector, which typically cons
Suppose there are two types of T-shirts: branded ones and unbranded ones and people allocate their spending in a way that they buy both types. Suppose the price of branded T-shirts
Factors affecting the size of National Income The size of nation's income depends upon the quantity and quality of the factor endowments at its disposal. A nation will be ri
find out the characterstics of national stock exchange
Q. What do you mean by Cost Function? Cost function is a derived function. It's derived from the production function that describes the efficient method of production at any gi
The owner of a patent has a contract with a cooperation that gives it right to use the patent. The cooperation will pay the patent owner $2500 yearly for the next 5 years, $3000 fo
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