INSURANCE AND BANKING
Nature of Managerial Economics Managerial economics is closely related to business firms. It solves problems which are often faced by business firms. The objective of managerial economics is described as the application of economic...
Role of managerial economics in decision making or importance of managerial economics Today business and society are going through a phase of economic and industrial revolution. Its first component is globalization of markets. Globalization...
Definition and Scope of Management Economics Managerial economics is viewed as a branch of economics which is applied to the problem of choice. It is the study of the distribution of resources available to...
Broadly speaking, production function can be classified under two heads: 1.Fixed proportions production function, and 2.Variable proportions production function Under the former the productive factors are combined together in certain fixed proportions. For example,...
Production changes with period of time. In long run, there are various choices available with the producer to make required changes. However, in short run, the choices open to the producer are restricted because...
What does the term Production mean? This is in fa some activity of making. In economics, production is th creation of utility in any form. In economics, by productior we mean the process by...
1. Price Fixation under Imperfect Competition and Monopoly – The individual producer under imperfect competition has to consider the elasticity of the demand for his product when he fixes its price. Likewise, the monopolist ...
The concept of elasticity of demand is generally associated with the name of Alfred Marshall who had done much to develop it. Law of Demand explains the direction of change in demand. A fall...
Profit, like the reward of any other factor, is determined by the forces of demand and supply. This theory defines the entrepreneur as a business enterprise itself and profit as his net income. Profit...
The difference between accounted profit and finan- cial profit makes measurement of profit complicated. The question arises as to what to include in opportunity cost and what not to. Measurement of profits is not...