(Prof. Alfred Marshall) We can define Nat ional Income as t he collective achievement of a nat ion. In t his way‚ t he Nat ional Income is t he aggregat e of t he individual incomes. (Prof. Gardner Ackley) Nat ional Income is t he basic concept of economic‚ which refers t o t he market value of t he goods and services produced during a part icular year. (Prof. Richard Lipsy) CONCEPTS OF NATIONAL INCOme ----1.GROSS DOMESTIC PRODUct Total value of output (goods and services) produced by the factors
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INTERNATIONAL MANAGEMENT INSTITUTE COURSE OUTLINE: MANAGERIAL ECONOMICS PGDM 2013-15 INSTRUCTORS Dr. Rajeev Anantaram (ranantaram@imi.edu) Dr. Arnab Deb (arnab.deb@imi.edu) 1. COURSE DESCRIPTION In a scenario characterized by increasing uncertainty and competition‚ managers will be called upon to make increasingly complex decisions that will have a crucial bearing on the prospects of the firm they work for. Indeed‚ even Public Sector Undertakings (PSUs) are increasingly faced with the challenge
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ECON EXAM 3 QUESTIONS Competitive Supply A perfectly competitive firm maximizes profit by producing the quantity at which: MR = MC. Consider a perfectly competitive firm in the short run. Assume the firm produces the profit-maximizing output and that it earns economic profits. At the profit-maximizing output‚ all of the following are correct except: price is equal to average total cost. People in the eastern part of Beirut are prevented by border guards from traveling to the western part of
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Douglas‚ Fall 2009 November 3‚ 2009 PLEDGE: I have neither given nor received unauthorized help on this exam. SIGNED:__________________________ 21 A : Special Code 0000___ PRINT NAME: __________________________________ Econ 202 Section 2 Midterm 2 1. The sale of stocks a. and bonds to raise money is equity finance. b. and bonds to raise money is debt finance. c. to raise money is equity finance‚ while the sale of bonds to raise funds is debt finance. d. to raise money is debt finance‚ while
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IMBA Managerial Economics Homework1 (Due:9/30) 1.In each of the following instances‚ discuss whether horizontal or vertical boundaries have been changed‚ and whether they were extended or shrunk. a. General Motors divested Delphi Automotive Systems‚ which manufactures automotive components‚ systems and modules. b. Online auction service eBay acquired Skype‚ a provider of Internet telephony services. c. Following the September 11‚ 2001 attacks‚ the
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The Case Study should be professional‚ clear and free of typos and grammar errors. Storage Systems‚ Inc.‚ sells a wide range of drums‚ bins‚ boxes‚ and other containers that are used in the chemical industry. One of the company’s products is a heavy- duty corrosion- resistant metal drum‚ called the XSX drum‚ used to store toxic wastes. Production is constrained by the capacity of an automated welding machine that is used to make precision welds. A total of 2‚000 hours of welding time are avail-able
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Definition of managerial economics 7 1.2 Choice and opportunity cost 9 2.0 Basic concerns of economics 9 3.0.0 Theories of economics 12 3.1.0 The theory of demand 13 3.1.1 Tastes 14 3.1.2 Number of buyers 14 3.1.3 Income 14 3.1.5 Expectations 15 3.2 The theory of supply 16 3.3 The theory of production 16 3.4 The theory of price( in government) 17 3.5 The theory of consumer behaviour 17 3.5.1 Rational behaviour 17 3.5.2 Preferences 17 3.5.3 Budget constraint 18 3.5.4 Prices 18 4.0 Managerial Economics and Economic
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Managerial Economics & Business Strategy Chapter 4 The Theory of Individual Behavior McGraw-Hill/Irwin Copyright © 2010 by the McGraw-Hill Companies‚ Inc. All rights reserved. Overview I. Consumer Behavior – Indifference Curve Analysis. – Consumer Preference Ordering. II. Constraints – The Budget Constraint. – Changes in Income. – Changes in Prices. III. Consumer Equilibrium IV. Indifference Curve Analysis & Demand Curves – Individual Demand. – Market Demand. 4-2 Consumer
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transaction cost economics. Some organizations struggle whether or not to outsource the IT division. The company has two choices for any economic activity: going outside to market or perform the activities in-house. In any case‚ the cost of the activity is divided into production costs‚ and transaction costs. Production costs in the case of the in-house division‚ includes hardware and software‚ whereas the transaction cost‚ which are the activities related to implementing the economic activity includes
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Name: ___________________________________ First Midterm Examination Economics 101 October 13‚ 2010 This exam has 33 questions. Unless a question explicitly says otherwise‚ assume that all demand curves slope downward‚ all supply curves slope upward‚ and there are no externalities. True/False. Mark box A for True and box B for False. Each blank answer gives you 1 point. Each correct answer adds 2 points to your score. 1. In the presence of a negative externality in the market for a
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