1ST PAGE (ME)

What are the two types of elasticity value?

Elastic demand and inelastic demand

Capital PED is short for?

Price elasticity of demand

What is the movement right along the curve when price decreases?

extension in demand

What is the movement left along the curve when price increases?

Contraction in demand

They describe manegerial economics as integrating economic theory with business practices for better decision-making and future planning

Spencer and Siegelman

Decisions about whether to install additional machines or hire extra labor to avoid business losses.

Queuing

What solution can help businesses effectively manage their raw materials and finished goods inventory, and optimize production schedules ?

Inventory control/production planning sortware.

Where prediction about future is based on the assumption that the firm does not change the course of its action

Passive forecasting

Describe behaviors that don't focus on maximizing any single variable.

Non-Optimizing Model

He said that maintaining liquidity is crucial for avoiding financial crises.

Prof. Joel Dean

He define the integration of economic business practices and planning by management

Spencer and Siegelman

A positive income of elasticity of demand so as consumer rises

Normal goods

It deals with individual actors in the company such firms and consumer focusing on how they interacts in the market?

Microeconomics

divided with two branches macroeconomics and microeconomics

economics

swot analysis stands for?

Strength, weakness, opportunity and threats

What is demand forecasting?

Predicting the quantity of goods that firm will produce

2 Types of Forecasting?

Passive Forecasting and Action Forecasting

2 Types of Social Responsibility Problems

External Social Issues and Operational Issues

What is Marginal Revenue Curve?

Represents the additional revenue gained from selling one more unit of output

What are the reason for social responsibility?

Societal support, Social stability, and minimizing government intervention

What are the possible Market failure that can occur in Fundamental nature of Managerial Economics, and explain each?

Monopoly: A single seller can Comparative static analysis reduce supply to increase examines changes that occur profits, causing inefficiency. once at a specific point in

Public Goods: Some goods, like time.national defense, cannot be Dynamic analysis looks at supplied effectively by the changes occurring successively market alone. over a period of time.

Externalities: Costs or benefitsPositive analysis is objective,that affect others not involved based on facts and theories, in the transaction, like pollution or education.

Information Asymmetry: Lack of reliable information can lead to poor market outcomes, such as in the market for used cars.

Differentiate Static Analysis, Comparative static, and Dynamic Analysis then discuss also the difference between positive analysis and narrative analysis.

Static analysis considers a problem at a single point in time with no change. Comparative static analysis examines changes that occur once at a specitic point in time. Dynamic analysis looks at changes occurring successively over a period of time. Positive analysis is objective, based on facts and theories, describing "What is." Normative analysis is subjective, based on value judgments, suggesting what should be."

It is showing or explains the relationship between two or more variables

Demand Function

What is demand Forecasting?

Demand Forecasting is the process of estimating or predicting the future price of a product.