Q: What is marginal product, and what does it mean if it is diminishing?
A: The marginal product is determined by the change in total output as one additional input is used in…
Q: What is transaction cost economics?
A: Transaction costs plays an important role in the net returns of an investment. Therefore, the…
Q: How can we predict cost behavior?
A: Cost behaviour shows the relation between the total cost and activities level. We can predict the…
Q: Explain the benefits of experience curves?
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Q: What are Sunk Costs?
A: A sunk cost refers to money that has been spent already and which is unable to recovered. In other…
Q: At what level of production does the marginal cost have the least value? What is the marginal cost…
A: The marginal cost curve is the U-shaped curve.
Q: What does it mean when you compare allocative efficiency to worker efficiency? What are the…
A: Worker efficiency is defined as producing goods and services for all-time low cost. Productive…
Q: what is demand in micro economics
A: Demand is the number of consumers who are able and willing to purchase goods at a range of prices…
Q: What is meant by Explicit and Implicit costs?
A: Cost is characterized as the monetary value of both producers and customers' purchased goods and…
Q: What conditions are necessary for arbitrage to work?
A: In arbitrage , a financial investor finds different business sectors for a resource. In some cases…
Q: Discuss the elements that unsettle the learning curve?
A: Learning curve represents the graphical relationship between learning efforts of a worker and the…
Q: If four workers can produce 18 chairs a day and five can produce 20 chairs a day, the marginal…
A: The term Marginal Product means "change in Production divided by change in input" so, MP = Change in…
Q: What determines how managers will purchase inputs?
A: Input is the factor of production used in the process of production . And determine the input by the…
Q: In making managerial economic decisions, which of the following should an effective manager…
A: Managerial Economics helps in decision-making by selecting the most suitable course of action from…
Q: . Which of the following is NOT the assumption of the Marginal Productivity Theory of Distribution?
A: To find : Which is not assumption of marginal productivity theory of distribution.
Q: Explain the role of marginal analysis in economics.
A: In economics, the term marginal is used to describe an additional outcome that is added to the…
Q: In recent years, the United States has experienced large increases in oil production due in large…
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: What explains the shape of the average and marginal cost curves? Is it linked to any production…
A: Marginal cost is the measurement of change in total cost with the increment of quantity produced by…
Q: B) Is the following statements correct or incorrect? Briefly explain: i) A rational producer will…
A: A rational producer is one who wanted to maximize their profit from the business transactions.…
Q: What is the difference between factor cost and market price? According to macro economics?
A: Macroeconomics is the branch of study in economics that deals with a wider perspective of the…
Q: What is the main concern of Henri Fayol's Management Theory? How does his theory differ from that of…
A: Some of Weber's ideas were included into Fayol's theories. Fayol, unlike Weber, was concerned about…
Q: Is it possible to avoid Diminishing Marginal Return? Why? Explain
A: Law of diminishing returns postulates that as more units of a variable input are used with a fixed…
Q: What are two examples of variable costs?
A: Variable costs depends on the level of output being produced by the firm.
Q: Which of the following is NOT the assumption of the Marginal Productivity Theory of Distribution?
A: To find: Which of the following is NOT the assumption of the Marginal Productivity Theory of…
Q: 1. Auntie Maame Freda runs a big provision shop at Ofanko. Recently, she has noticed a shortage in…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Subject: Managerial Economics & Policy MCQs: Cement industry is a subject matter of a.…
A: Meaning of Economics: The term economics refers to the situation under which there remain…
Q: How is the optimum point of production for a firm determined?
A: Point of optimum production is that in which the plant is operated at its full capacity. When the…
Q: When it comes to the question on how long the short run is (in the context of production and cost),…
A: Factors of production: - The inputs that are used to produce goods and services are known as the…
Q: What is the impact of Adam Smith’s book Wealth of Nations on management?
A: In his book Wealth of Nations he has said that by giving everyone freedom to produce and exchange…
Q: Why should sunk costs be ignored for decision making? Give an example of why it makes sense to…
A: Sunk cost are those cost which have been caused and the sum spent can not be recovered.since the…
Q: 103)What is the value of the marginal product of labour equal to? A. the change in total profit…
A: A firm will maximise profit at a point where marginal revenue is equal to marginal cost.
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A: Factors of production are needed to produce final goods. The factors of production used to make…
Q: Explain how firms can maximize profits using marginal analysis.
A: Profit increase could be a method that companies bear to ensure that they need the most effective…
Q: Economist are assumed to behave rational not functiona
A: Since economists are unable to take into consideration every aspect that can affect a decision,…
Q: What is meant by flexibility in economic terms?
A: Meaning of Economics: The term economics refers to the situation under which there remains…
Q: How can a managerial econmist help in operations of: (a) a service organization; (b)…
A: Managerial Economist : A Managerial Economist is the one who is appointed to raise the efficiency of…
Q: Give an quantitative example of marginal and average cost.
A: Average cost is the equivalent of total fixed cost (TFC) and total variable costs (TVC) divided by…
Q: How is profit defined under the Marxian and Neoclassical Schools of thought?
A: Marxian economics is a school of thinking based on Karl Marx's ideas, as the name indicates.Marx…
Q: Does microeconomics have a greater impact than macroeconomics on the farm manager. Explain?
A: Economics is a social science that primarily focuses on the production, consumption, and…
Q: The law of diminishing returns indicates that?
A: The law of diminishing returns states that at some point, adding more of a variable input such as…
Q: What is the difference between Analytical and Synthetic process of production? Give examples.
A: Analytical process of production deals with parts of production. Synthetic process of production…
Q: Some movie complexes have machines that sell movie tickets. When this occurs, the movie complex is…
A: In economics their are five factors play roll in production. The land, capital, labor,…
Q: What is the importance of Managerial economics in the following? A. Business B. Government
A: A combination of management and economics, managerial economics focuses on managing business…
Q: Suppose your retired grandmother has complainedof boredom and is considering taking a part-timejob.…
A: Opportunity cost is the loss of benefit that could have been derived by choosing the not chosen…
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- Managerial economics not account so please answer this asap!!!Generally speaking, managerial economics is the application of economic theory to the field of business: a) Ethics b) Management c) Practice d) All of the above.Classify the following as microeconomics or macroeconomics andprovide justification A firm's decision about how many workers to hire