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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.
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
producer equllibrium
SHORT RUN OUTPUT AND PRICE In monopolistic competition, it's the product differentiation that permits its price without losing sales. Due to brand loyalty consumers will c
State the types of demand elasticity Income Elasticity: Elasticity of demand with respect to change in consumer's income. Price Expectation Elasticity of Demand: Elast
Using the same simple macro model we developed in Module 2: a. Show what will happen to national income (GDP) if the administration implements another $100 (billion) stimulus s
Another vital relationship that is often referred to in economic analysis is the relationship between consumption expenditure andprice elasticity. From the law of demand, we know t
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
Marginal Revenue (MR) This is the increase in Total Revenue resulting from the sale of an extra unit of output. Thus, if TR n-1 is Total Revenue from the sale of (n-1) units
Arguments against Monopoly However monopolies have been accused of the following weaknesses. Diseconomies of scale While the monopolistic firm ca
Perfectly Elastic Supply Supply is said to be perfectly or infinitely elastic if the price is fixed at all levels of demand. The demand curve has been shown in the above diag
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