Explain managerial economics as a tool for decision making
Does managerial economics as a tool for decision making? Explain this term.
Expert
Decision making: It is an integral part of modern management. Perhaps the most significant function of the business manager is this. It is the process of selecting one action from two or more option course of actions. Resources like land, labour and capital are restricted and can be employed in different uses, therefore the question of choice is arises.
Managers of business organizations are constantly faced along with broad variety of decisions in the areas of product selection, pricing, cost control, plant expansion and asset management. Manager has to select best among the alternatives by that available resources are most efficiently used for getting the desired aims.
Explain the Proportional Method of Measurement of Elasticity.
Illustrates the fundamental characters of human existence given by Lionel Robbins?
answer written below is correct for the question detail exception of demand curve ?
Define the term opportunity cost concept.
Explain the modern definition of economics?
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The economic incidence of a tax: (i) identical to its legal incidence. (ii) either forward-shifted to suppliers or backward-shifted to consumers. (iii) imposed on whoever suffers decreased purchasing power because of the tax. (iv) more easily found th
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Throughout the past 50 years in the United States, there the average gains in lifetime income related along with having a college degree in addition to a high school diploma have: (1) declined since the larger proportion of the population that is college educated has
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