Micro Chapter 25 Practice Questions Key 1. Derived demand is the demand: A) that arises because of monopoly control of resources in a market. B) for a product based on the tastes and preferences of consumers. C) derived from consumer satisfaction with a product. D) for a resource to produce a product. Answer: D 2. Marginal revenue product is the increase in: A) total revenue from a decrease in the price of the product. B) marginal revenue from a decrease in the price of the product
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E conomists are a paragon of virtue‚ rationality and common sense amidst a sea of ignorance‚ superstition and irrationality. They are probably right‚ but‚ sometimes it is good to state a case in strong terms‚ to make people think. However‚ I feel there is a need to redress the balance and point out the many mistakes and limitations of Economics which are stated below. Economics is difficult John Maynard Keynes said economics is very difficult and many people underestimate how difficult it is
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Question 2. Choose the sector in South Africa Economy‚ which exhibits the features of Oligopoly. With more than 30 Million South African mobile phone owners according to data from the “SA Mobile Market “statistical handbook‚ and since this market is dominated by three companies‚ which exhibits the features of oligopoly in South Africa. Oligopoly refers to a few sellers with similar products and dominates the market and can influence each other. There are 3 mobile phone service providers‚ which
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1. StillWater Mining Company a) Interest Rate 12% Price per ounce $ 1‚500.00 Cost per ounce $ 400.00 Total ounces a year 10‚000 Profit per ounce $ 1‚100 Revenue per year $ 15‚000‚000.00 Cost per year $ 4‚000‚000.00 Profit per year $ 11‚000‚000.00 Every year for the next 10 years‚ the firm earns a profit of $11 Million. The cash flow (in $ Million) is shown below: Year T T+1 T+2 T+3 T+4 T+5 T+6 T+7 T+8 T+9 Profit 11 11 11 11 11 11 11 11 11 11 Using NPV formula‚ we find NPV=$62
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Science of Managerial Economics Running successful businesses requires involvement of well experienced and talented managers; all companies’ stakeholders concern‚ in running companies‚ is to make profits and expectation is on managers’ part to make such desire become the fact of reality. One of the tools managers use to analyse company’s performances and be able to make intelligent decisions- for further profitability and sustainability of the corporations- is by economical tool. “managerial economics
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BUSINESS COMMUNICATION MODULE 5 CASE METHOD OF LEARNING Chaitra Bocheer K S MBA Dept. BIT 1 CASE: A case is a written account of real or simulated managerial problems‚ dilemmas & situations calling for solutions. Analysis of cases is an exercise in critical understanding of concepts & causes of problems & events. Chaitra Bocheer K S MBA Dept. BIT 2 UNDERSTANDING THE CASE METHOD • • A good case study is based on critical management issues faced by organizations. It does not
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Dawn Howarth ACC122 Managerial Accounting Career Paper Baker College What is Managerial Accounting Managerial accounting is the process of identifying‚ recording‚ analyzing and finally presenting the financial data which is used by the management and business owners for the purposes of command and for decision making. The difference between financial accounting and management accounting Financial accounting is reported publicly while management accounting is used by the company or organization
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book Judgment in Managerial Decision Making. ] | The book provides contrasting study of the rational decision making process and its influences on human judgment and how recognizing cognitive/judgmental error or biases can be applied to organizational behavior for continually adopting and improving better decision making strategies as a manager. The book focuses on descriptive approach to managerial decision making
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Internal managerial accounting systems are used to provide great information so that the management team can make great decisions. According to http://smallbusiness.chron.com/objectives-internal-managerial-accounting-systems-20945.html manufacturing plants uses these systems to help in costing and managing the manufacturing process. The main objective is to make an internal managerial accounting system provide the information to the mangers so that they can make good sound decisions. The goal is
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PROGRAMME STRUCTURE FOR IIPM (C) & ISBE (PG) S No Subject Credit 1. Economics for Managerial Decision Making - II 2 2. Executive Communication 2 3. Financial Management 3 4. Human Resource Management 2 5. Operations & Optimization Research 3 6. Management Information System & KM 3 7. National Economic Planning (Theory & Presentation) 3 8. Sales Management 2 Total Credits 20 IMPORTANT NOTE All the students of IIPM (C) & ISBE (PG) will study all the eight papers indicated in our course
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