Explain characteristics of managerial or business economics
Explain the chief characteristics of managerial or business economics.
Expert
The significant features of managerial economics are as follows:
1) Managerial economics is type of Micro economic in character. Since it studies the problems of a business firm not the whole economy.
2) Managerial economics mainly uses the body of economic principles and concepts that is termed as “Economics of the firm” or “Theory of the Firm”.
3) It is pragmatic. This is purely practical oriented. Therefore Managerial economics considers the specially environment of a firm or business for decision making.
4) Managerial economics is Normative quite than positive economics (descriptive economics). It is prescriptive to solve exact business problem by giving importance to firms objectives and aim.
5) Macro economics is also helpful to managerial economics since this gives intelligent understanding of the environment in that the business is operating.
6) This is management oriented.
Illustrates the Regression and Correlation statistical method of Demand Forecasting?
Illustrates the important question regarding the managerial economics?
What is Scarcity Definition of economics?
The income effect of a small change within the wage rate for that worker most strongly exceeds the substitution effect at a wage rate of: (1) $5 per hour. (2) $10 per hour. (3) $10 per hour to $25 per hour. (4) $25 pe
If this firm maximizes profit, this will be producing under circumstances of: (1) increasing returns to labor. (2) economies of scale. (3) diminishing returns to labor. (4) constant returns to labor. (5) adverse selection and moral hazard. Q : Defined the simple way for production Defined the simple way for production function?
Defined the simple way for production function?
Since an economy moves downward all along the production possibility frontier which is concave from beneath, the: (1) Opportunity cost of the good whose production goes increasing. (2) Law of rising returns outcomes ever lower costs. (3) Dollar value
Illustrates the merits of scarcity definition?
what are the criteria for good forecasting
Cheating on agreements is a common problem along with firms which engage in the formation of: (1) predatory prices. (2) game theory groupings. (3) cartels. (4) pure competition. (5) asymmetric payoffs. Can someone explain/help me w
18,76,764
1926534 Asked
3,689
Active Tutors
1429417
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!