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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.
This is when an economy is efficient if all assets are employed in their highest-value uses.
When average costs are constant with respect to output level.
This exists when long-run average costs fall as output increases.
What analysis is used to estimate future demand?
The practice of offering multiple goods for sale as one combined product.
Trigonometry is defined as use of statistical tools for assessing economic theories by empiricallymeasuring relationship between economic variables.
Cost incurred in principal-agent relationships.
This additional cost incurred by producing and selling one more unit.
The amount that one unit contributes to profit.
Price that you must charge to make zero profit.
The second question relates to how to produce goods and services. The firm has now to choose among different ___________________ of production.
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.
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 bidders submit increasing bids until only one bidder remains.
Costs that you get back if you shut down operations
What refers to the variations caused by weather patterns, social habits?
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).
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.
The additional costs that do not appear on the financial statement of a company (EX: Opportunity Cost of Capital).
This curves that describe buyer behavior and tell you how much consumers will buy at a given price.
A demand curve on which percentage quantity changes more than percentage price (sensitive to price).
Managerial Economics deals with allocating the scarce resources in a manner that minimizes the ______________.
The situation where parties have competing goals (EX: principal-agency relationships).
The amount you need to sell to make zero profit
This is when the company where various divisions perform separate tasks, such as production and sales.
total cost of production ÷ the # of units produced
As you try to expand output, your marginal productivity (extra output associated with extra inputs) eventually declines.
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?
The differences in wages that reflect differences in the inherent attractiveness of various professions (once equilibrium is reached).
The differences in wages that reflect differences in the inherent attractiveness of various professions
This includes recognition of implicit costs (EX: cost of equity capital).
This measures the percentage change in demand of Good A by a percentage change in the price of Good B.
This is a demand curve on which percentage change in quantity is smaller than percentage change in price (insensitive to price).
Something that affects demand and which the company can change (EX: Price, Advertising, Product Quality).
This occurs when you ignore relevant costs, i.e. costs that do vary with the consequences of your decision.
Costs that appear on financial statements.
The consumer demand (purchase) more as price falls (i.e. demand curves slope downward), assuming other factors are held constant.
This demand decreases as income increases.
This exists when the cost of producing two products jointly is more than the products cost of producing those two separately.
Managerial economics helps in decision-making as it involves _______________.
Theory of firm states that the primary aim of the firm is to minimize wealth.
Something that affects demand and which the company can change (EX Price, Advertising, Product Quality).
This is the price at which quantity supplied equals quantity demanded.
Profits as shown on financial statements.
What is the second method used for long-term forecasting?
This is a division whose parent company rewards it for reducing the cost of producing a specified output.
Managerial economics uses both Economic theory as well as Econometrics for rational managerial decision making.
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
A pre-contractual problem that arises from hidden information about the risks, quality, or character.
This measures the percentage change in demand arising from a percentage change in income.
This is the third question in solving issues using managerial economics.
The ______________________ examines consumer behavior with respect to the kind of purchases they would like to make currently and in future.
The first question relates to what ____________________ should be produced and in what amount/quantities.
Managerial Economics is associated with the economic theory which constitutes “TheoryofFirm”.
This experience leads to learning meaning that current production lowers future costs.
This is the practice of blocking competitors from participating in a market.
The good whose demand increases when the price of another good decreases (EX: Parking Lot & Shopping Mall).
This exists when the cost of producing two products jointly is more than the cost of producing those two products separately.
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.
Managerial Economics deals with allocating the scarce resources in a manner that minimizes the
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 value of the item being auctioned is the same for each bidder, none are aware what that value is (ex: Oil Drilling).
What refers to the long run increase or decrease in the series?
This is the decision of how much or how many of a product to produce.
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