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Is a branch of the economy that applies microeconomic analysis to the other business units to help managers make a wide variety of multiple decisions.
Decision making in managerial economics generally involves establishment of firm’s objectives, identification of problems involved in achievement of those objectives, development of various alternative solutions, and finally, selection of best alternative.
When able to identify low-value groups, charge them a lower price, and prevent them from reselling lower-priced goods to the higher-value group.
The use of Managerial Economics is not limited to profit-making firms and organizations; but it can also be used to help in ______________________ of non-profit organizations (hospitals, educational institutions, etc).
While microeconomics is the study of decisions made regarding the allocation of resources andprices of goods and services, ___________________ is the field of economics that studies thebehavior of the economy as a whole (i.e. entire industries and economies).
The ______________________ examines consumer behavior with respect to the kind of purchases they would like to make currently and in future.
The consumer demand (purchase) more as price falls (i.e. demand curves slope downward), assuming other factors are held constant.
The practice of offering multiple goods for sale as one combined product.
The differences in wages that reflect differences in the inherent attractiveness of various professions
If an asset is mobile, then in long-run equilibrium, the asset will be indifferent about where it is used; i.e. it will make the same profit no matter where it goes
This exists when the cost of producing two products jointly is more than the cost of producing those two products separately.
The amount you need to sell to make zero profit
Costs that appear on financial statements.
This measures the percentage change in demand arising from a percentage change in income.
Managerial Economics is a__________________ dealing with effective use of scarce resources. It guides the managers in taking decisions relating to the firm’s customers, competitors, suppliers as well as relating to the internal functioning of a firm.
This is the practice of blocking competitors from participating in a market.
What analysis is used to estimate future demand?
Decision making in managerial economics generally involves establishment of firm’s objectives, identification of problems involved in achievement of those objectives, development of variousalternative solutions, and finally, selection of best alternative.
Costs that you get back if you shut down operations
Cost incurred in principal-agent relationships.
Managerial economics uses both Economic theory as well as Econometrics for rational managerial decision making.
The first question relates to what ____________________ should be produced and in what amount/quantities.
This exists when long-run average costs fall as output increases.
Profits as shown on financial statements.
This experience leads to learning meaning that current production lowers future costs.
This is the price at which quantity supplied equals quantity demanded.
This exists when the cost of producing two products jointly is more than the products cost of producing those two separately.
This is a demand curve on which percentage change in quantity is smaller than percentage change in price (insensitive to price).
When average costs are constant with respect to output level.
This includes recognition of implicit costs (EX: cost of equity capital).
A pre-contractual problem that arises from hidden information about the risks, quality, or character.
This is when an economy is efficient if all assets are employed in their highest-value uses.
The bidders submit increasing bids until only one bidder remains.
This measures the percentage change in demand of Good A by a percentage change in the price of Good B.
As you try to expand output, your marginal productivity (extra output associated with extra inputs) eventually declines.
total cost of production ÷ the # of units produced
The good whose demand increases when the price of another good decreases (EX: Parking Lot & Shopping Mall).
The situation where parties have competing goals (EX: principal-agency relationships).
This curves that describe buyer behavior and tell you how much consumers will buy at a given price.
What is the second method used for long-term forecasting?
This occurs when you ignore relevant costs, i.e. costs that do vary with the consequences of your decision.
Price that you must charge to make zero profit.
What refers to the long run increase or decrease in the series?
This is when the company where various divisions perform separate tasks, such as production and sales.
What refers to the variations caused by weather patterns, social habits?
Something that affects demand and which the company can change (EX: Price, Advertising, Product Quality).
This is the decision of how much or how many of a product to produce.
This is a division whose parent company rewards it for reducing the cost of producing a specified output.
This demand decreases as income increases.
This additional cost incurred by producing and selling one more unit.
Managerial Economics deals with allocating the scarce resources in a manner that minimizes the
Theory of firm states that the primary aim of the firm is to minimize wealth.
A demand curve on which percentage quantity changes more than percentage price (sensitive to price).
Managerial economics helps in decision-making as it involves _______________.
Trigonometry is defined as use of statistical tools for assessing economic theories by empiricallymeasuring relationship between economic variables.
This is the third question in solving issues using managerial economics.
The additional costs that do not appear on the financial statement of a company (EX: Opportunity Cost of Capital).
The value of the item being auctioned is the same for each bidder, none are aware what that value is (ex: Oil Drilling).
The second question relates to how to produce goods and services. The firm has now to choose among different ___________________ of production.
What method is when the firm makes an effort to obtain the opinion of experts who have long standing experience in the field of enquiry related to the product under consideration?
Managerial Economics deals with allocating the scarce resources in a manner that minimizes the ______________.
Managerial Economics is associated with the economic theory which constitutes “TheoryofFirm”.
Something that affects demand and which the company can change (EX Price, Advertising, Product Quality).
The differences in wages that reflect differences in the inherent attractiveness of various professions (once equilibrium is reached).
The amount that one unit contributes to profit.
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