UNIVERSITY OF GUYANA FACULTY OF SOCIAL SCIENCES DEPARTMENT OF ECONOMICS ECN 213 - MANAGERIAL ECONOMICS COURSE OUTLINE SUMMER - 2010 LECTURER: Roger Rogers E-mail: rogers.roger@gmail.com INTRODUCTION Managerial Economics provides a foundation of economic understanding for use in managerial decision-making. Both microeconomic and macroeconomic relations have implications for this decision-making process. Since the demand for a firm’s products plays a major role in determining its
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between Economics and Managerial Economics. Managerial Economics is micro in character while Economics is both micro and macro in character. Economics is both positive and normative science but the Managerial Economics is essentially normative in nature. Under Economics we study only the economic aspect of the problems but under Managerial Economics we have to study both the economic and non-economic aspects of the problems. Those are just a few distinct differences amongst many others. Economics is defined
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ECONOMICS FOR MANAGERS UNIT I Introduction: Economics can be divided into two broad categories: microeconomics and macroeconomics. Macroeconomics is the study of the economic system as a whole. It includes techniques for analysing changes in total output‚ total employment‚ the consumer price index‚ the unemployment rate‚ and exports and imports. Macroeconomics addresses questions about the effect of changes in investment‚ government spending‚ and tax policy on exports‚ output‚ employment and prices
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|Managerial Economics | | | |UNIT -I | | | |[Pick the date]
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Benedictine University Managerial Economics Individual Work-1 Unit Tutor: Char Lee Racine Student name：Gu Haizhen (Vivian) Date of issue: September 6‚ 2010 Date of submission: September 13‚ 2010 Contents I. 3 II. 4 III. 7 VI. 9 Technical problems I. During a year of operation‚ a firm collects $175‚000 in revenue and spends $80‚000 on raw materials‚ labor expense‚ utilities‚ and rent. The owners of the
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a 1. Define the three aspects of organizational architecture. The three aspects of organizational structures as highlighted in the synopsis of Managerial Economics and Organizational Architecture are as follows : 1. The assignment of decision rights within the firm 2. The methods of rewarding individuals 3. The structure of systems to evaluate the performance of individuals and units These three components are often referred to a stool with three legs. If one of the
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Managerial economics as defined by Edwin Mansfield is "concerned with application of the economic concepts and economic analysis to the problems of formulating rational managerial decision."[1] It is sometimes referred to as business economics and is a branch of economics that appliesmicroeconomic analysis to decision methods of businesses or other management units. As such‚ it bridges economic theory and economics in practice.[2] It draws heavily from quantitative techniques such as regression analysis
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Economics and Managerial Economics Economics may be defined as a branch of knowledge dealing with allocation of scarce resources among competing ends. Managerial Economics may be defined as application of eco for problem solving at corporate level. Factors affecting Managerial decision Often only pure logic does not contribute to decision making Human Factor Human behavioral considerations often influences a manager into compromising or moderation a decision which would otherwise have made
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103-Managerial Economics OBJECTIVES: The course in Managerial Economics attempts to build a strong theoretical foundation for Management students. The course is mainly analytical in nature and focuses on clarifying fundamental concepts from microeconomic viewpoint. The students are expected to study and analyses the dynamics of managerial decision making through this course. Also wherever possible‚ students are expected to study‚ analyses and interpret empirical evidence and case studies available
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Chapter Chapter 1: Introduction to Managerial Economics 1 Introduction to Managerial Economics CHAPTER SUMMARY Managerial economics is the science of directing scarce resources to manage cost effectively. It consists of three branches: competitive markets‚ market power‚ and imperfect markets. A market consists of buyers and sellers that communicate with each other for voluntary exchange. Whether a market is local or global‚ the same managerial economics apply. A seller with market power
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