1. Describe the scope of the material Managerial Economics and explain what benefits can be obtained by understanding Managerial Economics; Explain the meaning of Company Value and how to calculate the value of the company as long as the company is still actively operating? Give an example of another case related to the benefits of studying this course!

1. Describe the scope of the material Managerial Economics and explain what benefits can be obtained by understanding Managerial Economics; Explain the meaning of Company Value and how to calculate the value of the company as long as the company is still actively operating? Give an example of another case related to the benefits of studying this course!

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter8: Production And Costs

Section: Chapter Questions

Problem 1QP

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MANAGERIAL ECONOMICS 1. Describe the scope of the material Managerial Economics and explain what benefits can be obtained by understanding Managerial Economics; Explain the meaning of Company Value and how to calculate the value of the company as long as the company is still actively operating? Give an example of another case related to the benefits of studying this course! 2. The relationship between the concepts and measures of Total, Average, and Marginal is very important in Optimization Analysis; the relationship is basically the SAME, whether for Revenue, Production, Cost or Profit;Explain the meaning of the three economic concepts and their dimensions in a comprehensive manner and the behavior of the relationship between the three, it is more desirable if accompanied by a graphic example.
Managerial Economics What is the answer to the following questions (1-3)? 1. What are primary inputs? Give example. 2. What are secondary inputs? Give example. 3. Define variable factors of production.
Managerial Economics What is the answer to the following questions (4-6)? 4. What are fixed factors of productions? Explain with example. 5. Distinguish between fixed and variable factors of production. 6. Can total product ever decline? If yes, when?
5) What other business disciplines are related to Managerial Economics?
MANAGERIAL ECONOMICS 5. In conducting studies to estimate market / demand forecasting, generally two types of data are used, namely “Time Series” data and “Cross-section” data or a combination of the two types of data; explain the meaning of the two types of data and the advantages/disadvantages of each! 6. Explain what is meant by ISOQUANT? Next, explain the main characteristics of the isoquant curve and how to find the optimal point of production; Next, explain the meaning of the Production Economic Area which is depicted by a dividing line called the Ridge Line
MANAGERIAL ECONOMICS 2. The relationship between the concepts and measures of Total, Average, and Marginal is very important in Optimization Analysis; the relationship is basically the SAME, whether for Revenue, Production, Cost or Profit;Explain the meaning of the three economic concepts and their dimensions in a comprehensive manner and the behavior of the relationship between the three, it is more desirable if accompanied by a graphic example.
In making managerial economic decisions, which of the following should an effective manager consider? a. the total explicit costs and revenue of the firm tb he total opportunity costs of production c. the total revenue of the firm only. d. accounting profit only
14. Name four major difference conditions of the market model termed perfect or pure competition. Explain their major implications for the behavior of the firm. Briefly for managerial economics class
Instruction: Make a review of the present economic environment. What role does the managerial economist play in the business decision making of the company particularly on their resource allocation problems? As a managerial economist, relate your findings on the operations of; (a) a service organization; (b) manufacturing; (c) an-agriculture-based company.
For the following questions, which managerial economics theories/models would be relevant to use in order to answer them and why?1) Which factors should McDonald's be aware of in order to make sure that they meet curent and new customer's needs?2) How can McDonald's optimize their business model in order to increase their operating result and maintain their position in the market? 3) Which actions can McDonald's do in order to make sure their operating result increases?
SUBJECT: MANAGERIAL ECONOMICS 1. Discuss the usefulness of Micro-Macro-International Economic Models in the study of Managerial Economics / decision-making.
24. Which of the following statements is correct? a. Managerial decisions are affected primarily by microeconomic forces. b. By and large, managerial decisions are not affected by either microeconomic or macroeconomic forces. c. Managerial decisions are affected by both microeconomic and macroeconomic forces. d. Managerial decisions are affected primarily by macroeconomic forces.