SAMPLE MANAGERIAL ECONOMICS QUESTIONS FOR MBA STUDENTS-MZUMBE UNIVERSITY-TANZANIA 1. Find an organization of your interest and (advised to pick an organization of one of the group members) and explain in detail how one of the aspects of managerial economics are applied in practice.) 2. Find an organization of your interest and (advised to pick an organization of one of the group members) and explain in detail how managerial decision making take into account some economic aspects that influence
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2. New Product Description 2.1 Features Our company produced a camera with a new concept‚ which is called mirrorless interchangeable lens camera (MILC)‚ and the name of product is CV-3. The new coming from the old is better than old. The CV-3 which design derived from the digital camera explains this meaning perfectly. Our products have many features‚ and I will list some key features as flow. 2.11 Key features • Interchangeable sealed lens/sensor units • Built-in flash • Optional electronic
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responsibility of the Olympic Delivery Authority while the London Organizing Committee of the Olympic Games (LOCOG) was responsible for staging the games. Paul Williamson was hired by the LOCOG as the Head of Ticketing‚ and he soon realized that pricing tickets was a large endeavor in itself‚ with many challenges. The Trade-Offs Chris Townsend‚ Williamson’s boss and the Commercial Director of the LOCOG‚ made sure Williamson never lost sight of their ultimate goal‚ maximizing ticket revenues and
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Chapter 3‚ Question 1. Determine whether each of the following would increase or decrease the opportunity cost for mothers who choose not to work outside the home. Higher levels of education: In today’s society‚ it’s possible that higher levels of education for women‚ will increase opportunity cost‚ since the women would have advantage in making a decision about continuing their education to ensure that they may obtain skills‚ knowledge‚ and abilities for the future. Higher unemployment rates for
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and Overview Crafting and executing strategy are the heart and soul of managing a business enterprise. But exactly what is involved in developing a strategy and executing it proficiently? What are the various components of the strategy-making‚ strategy-executing process and to what extent are company personnel—aside from senior management—involved in the process? This chapter presents an overview of the ins and outs of crafting and executing company strategies. Special attention will be given to
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Version 18 October 2007 Managerial Economics – Concerned with the application of economic principles and methods to the decision making process under conditions of uncertainty. Theory Tools: Micro Economics‚ Statistics‚ Econometrics (OLS) Software and Decision Support Tools: Excel‚ Matlab‚ B34S Goal: Develop a systematic and reproducible decision making strategy. Common Tasks facing a Modern Manager: Whether to lease or buy equipment? How to determine the shape of the cost curve
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Pricing Decisions are decisions faced by top management and marketing managers. How much to charge for a product or service depends on a multitude of factors such as competition‚ cost‚ advertising‚ and sales promotion. Economic theory suggests that the best price for a product or service is the one that maximizes the difference between total revenue and total costs. However‚ in reality‚ the price charged is usually some form of cost-plus‚ which is later adjusted for market conditions and competition
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1. Pricing decisions Factors to consider when setting prices All profit organizations and many non profit organizations must set prices on their products or services. Simply defined‚ price is the amount of money charged for a product or service. More broadly‚ price is the sum of the values consumers exchange for the benefits of having or using the product or service. A company ’s pricing decisions are affected both by internal company factors and by external environmental factors. These factors
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Case Study 3 Pricing Strategy Payless Shoesource: Paying less for fashion Table of Contents BACKGROUND…………………………………………………... 3 OBJECTIVE……………………………………………………….. 3 PROCEDURES……………………………………………………. 4 SUMMARY OF FINDINGS………………………………………. 4 CASE STUDY QUESTION: 1…………………………………….. 4 CASE STUDY QUESTION: 2 …………………………………….. 5 CASE STUDY QUESTION: 3……………………………………... 6 CASE STUDY QUESTION:
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Questions MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Economics is the study of the ________ people make to attain their goals‚ given their ________ resources. A) decisions; household B) purchases; unlimited C) income; available D) choices; scarce 2) Which of the following is what economically rational people do? A) Respond to economic incentives. B) Weigh the benefits and costs of all possible alternative actions. C) Use all available information
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