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Traditional theoretical concepts to actual business behaviour
Accommodating traditional theoretical concepts to actual business behaviour and conditions: Managerial economics amalgamatestechniques, tools, theories and models of traditional economics with actual business practices and with environment in that a firm has to operate. According to Edwin Mansfield, 'Managerial Economics try to bridge the gap between purely analytical problems which intrigue many economic theories and problems of policies which management should face'.
what is the goal of firm
Q. Product of marginal revenue? MRPL is the product of marginal revenue and marginal product of labour or MRPL = MR x MPL. • Derivation: MR = ?TR/?Q MPL = ?Q/?L
Question 1: (a) Briefly explain and distinguish between a centrally planned, laissez-faire and mixed economy. (b) According to you, which kind of economic system is most d
what is objective
Q. Explain about Long run production function? Long run is a phase adequately long so that all factors together with capital can be changed. The factors that can be increase
Fundamental of managerial economic
game theory matrix dominant strategy
Factor combination in the long run In the long run it is possible to vary all factors of production. The firm is therefore restricted in its activities by the law of diminish
ARGUMENTS FOR MONOPOLIES Although monopolies are usually hated mainly because their practice of consumer exploitation, there are some aspects of monopolies which are favourabl
Q. What is Right Angled Isoquant? This presumes zero substitutability of factors of production. There is just one method of producing any one commodity. In this case, isoquant
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