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- 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 LineManagerial 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.Importance of managerial economics to accountancy.How they are connected?
- 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.hello, I need help with my homework 4.7 When to Use the Principle of Diminishing Returns? You are the manager of a firm that produces memory chips for mobile phones. In your decision about how much output to produce this week, would you use the principle of diminishing returns? Explain. In your decision about how much output to produce two years from now, would you use the principle of diminishing returns? Explain. My Textbook: macroeconomics by o’Sullivan 10th addition 978 013 519 6434 thank youMANAGERIAL 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.
- (a) Complete the following table and draw the corresponding graphs. Capital inputs Labor inputs Total product Average product Marginal product 20 0 0 20 1 15 20 2 34 20 3 51 20 4 65 20 5 74 20 6 80 20 7 80 20 8 75 (b) What is relationship between MP and AP? Explain why MP first rises, then declines and ultimately becomes negative? (c) Whether the above phenomenon is long run or short run and why? (d) Does law of diminishing marginal returns holds in above scenario? Why and why not.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 onlyMANAGERIAL 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!
- 5) What other business disciplines are related to Managerial Economics?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.Microeconomic Question (c) Use well labelled diagrams to show how production isoquant can be used to explain: i) Increasing returns to scale. ii) Constant returns to scale, and iii) Decreasing returns to scale