Category: management economics

Scope of Managerial Economics

Scope of Managerial Economics The scope of managerial economics is narrower than economic theory because economics is related to both micro and macro economics whereas the scope of managerial economics is limited to micro...

Nature of Managerial Economics

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...

Types of Production Function

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,...

Nature of Production Function

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 the mean of production

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...

Elasticity of Demand

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...


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