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Questions and Answers
What is Managerial Economics?
What is Managerial Economics?
The integration of economic theory with business practice for the purpose of facilitating decision making and forward planning by managers.
What are the key objectives of business economics?
What are the key objectives of business economics?
Elaborate on key objectives of business economics.
What is the difference between microeconomics and macroeconomics?
What is the difference between microeconomics and macroeconomics?
Differentiate between microeconomics and macroeconomics, providing examples for each.
Define utility. Explain the various features of utility with examples.
Define utility. Explain the various features of utility with examples.
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What does law of diminishing marginal utility states?
What does law of diminishing marginal utility states?
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Evaluate the merits and demerits of microeconomics and macroeconomics.
Evaluate the merits and demerits of microeconomics and macroeconomics.
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Discuss the following
Discuss the following
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Elaborate on the law of equ marginal utility with schedule and diagram.
Elaborate on the law of equ marginal utility with schedule and diagram.
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Explain budget line. What will happen to budget line when there is change in income and price.
Explain budget line. What will happen to budget line when there is change in income and price.
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Define positive economics and explain how it differs from normative economics.
Define positive economics and explain how it differs from normative economics.
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Domestic petrol prices were raised substantially in response to increase in the import prices of petrol. Vehicles owners' expenditure on fuel went up substantially. -What can you say about price elasticity of demand for petrol.
Domestic petrol prices were raised substantially in response to increase in the import prices of petrol. Vehicles owners' expenditure on fuel went up substantially. -What can you say about price elasticity of demand for petrol.
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Explain the various types of price elasticity.
Explain the various types of price elasticity.
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Demonstrate the notion of demand in the field of economics and elucidate its
Demonstrate the notion of demand in the field of economics and elucidate its
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Study Notes
Managerial Economics
- Managerial economics integrates economic theory and business practice to facilitate decision-making.
- It helps managers plan for the future.
Business Economics Objectives
- Elaborate on key objectives of business economics.
Microeconomics vs. Macroeconomics
- Differentiate between microeconomics and macroeconomics.
- Provide examples of each.
Utility
- Define utility.
- Explain various features of utility with examples.
- Understand the law of diminishing marginal utility.
Micro and Macroeconomics Merits & Demerits
- Evaluate the merits and demerits of microeconomics and macroeconomics.
Indifference Curve and Consumer Equilibrium
- Discuss indifference curves.
- Explain consumer equilibrium.
Law of Equi-Marginal Utility
- Elaborate on the law of equi-marginal utility with schedules and diagrams.
Budget Line
- Explain budget lines.
- Analyze how changes in income and price affect budget lines.
Positive vs. Normative Economics
- Define positive economics.
- Explain how it differs from normative economics.
Price Elasticity of Demand (Petrol Prices)
- Domestic petrol prices increased substantially due to import price increases.
- Vehicle owners' fuel expenditure increased.
- Analyze the price elasticity of petrol demand.
- Explain various types of price elasticity.
Demand in Economics
- Demonstrate the notion of demand in economics and elucidate its characteristics.
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Description
This quiz covers key concepts in managerial economics, including its objectives, the distinction between micro and macroeconomics, and the various theories related to utility. It explores important principles such as indifference curves, consumer equilibrium, and budget lines, providing a comprehensive understanding for effective decision-making in business.
