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Techniques of Managerial Economics
Managerial economics draws on a wide range of economic tools, concepts and techniques in decision-making process. These concepts can be considered as follows:
(1) Theory of the firm that explains how businesses make a diversity of decisions;
(2) Theory of consumer behaviourthat describes consumer's decision-making process and
(3) Theory of market structure and pricing that describes the structure and characteristics of different market forms under that business firms operate.
Why does the demand curve slope downwards? As Figure above demonstrates, demand curve slopes downward to the right. Downward slope of the demand curve reads the law of demand i
mini project
The elasticity of a demand curve is frequently judged by its appearance: the flatter the demand curve, the greater the elasticity and vice versa. However this conclusion is mislead
Neoclassical Theory The neoclassical theory of economic growth began its career in the fifties and since the mid fifties a sizeable literature has developed. The theory largely
What is the goal of a firm?
MEANING OF MANAGERIAL ECONOMICS Managerial economics which is used synonymously with business economics is a branch of economics which deals with application of microeconomic ana
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
The theory of consumer's behavior seeks to explain the determination of consumer's equilibrium. Consumer's equilibrium refers to a situation when a consumer gets maximum satisfacti
why firms under oligopoly market should follow price rigidity?
The Learned Book Company has a choice of publishing one of two books o the subject of Greek mythology. It expects the sales period for each to be extremely short, and it estimates
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