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Significance of managerial economics
Industrial and Business enterprises aim at earning maximum proceeds. In order to attain this objective, a managerial executive has to take recourse in decision-making that is the process of selecting a specified course of action from some alternatives.
A sound decision necessitates fair knowledge of the aspects of economic theory and tools of economic analysis that are directly involved in the process of decision-making. Because managerial economics is concerned with these tools and aspects of analysis, it's appropriate to the decision-making process
Supplementary Reserve, Requirements/Special Deposit If the Central Bank feels that there is too much money in circulation, it can in addition require commercial banks to mainta
construct a decision tree for the baked potatoes outlet using sales per day, number of days that quantity is sold together with selling prices per unit and average costs
Benefits are: 1) People can create their own decisions 2) The government has limited control, which is good for arrangement 3) Gives freedoms like Enterprise, ownership,
Explain trend projection method of demand forecasting with illustration.
Explaination of the Marris Model
Disadvantages of Perfect Competition There is a great deal of duplication of production and distribution facilities amongst firms and consequent waste. Economies of sc
INTERNATIONAL TRADE Definition It is the exchange of goods and services between one country and another. International Trade can be in goods, termed visibles or in servi
USES OF NATIONAL INCOME FIGURES We need national income statistics to measure the size of the "National cake' of goods and services available for competing uses o
Air Canada and KLM compete for customers on flights among Amsterdam and Toronto. The total number of passengers (Q) flown by these two firms is the sum of passengers who fly KLM, Q
Disadvantages of Barter Trade It is impossible to barter unless A has what B wants, and A wants what B has. This is called double coincidence of wants and is difficult t
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