Describe the current local economic condition
Answer: FREIDA
Learn More :
Managerial Economics
- Find the Degree of Operating Leverage and the breakeven quantity.
- Distinguish between short-run and long-run production decisions and illustrate their impact on costs and economies of scale.
- Explain the difference between and the economic relevance of fixed costs, sunk costs, variable costs, and marginal costs.
- Explain the difference between and the economic relevance of fixed costs, sunk costs, variable costs, and marginal costs.
- Calculate a cost function from a production function and explain how economic costs differ from accounting costs. For the cost function C(Q) = 629.0 + 22.0Q + 10.0Q2, the marginal cost of producing 4.0 units of output is:
- Calculate input demand and the cost-minimizing combination of inputs and use isoquant analysis to illustrate optimal input substitution.
- Marginal product (MP) - The change in total product (output) attributable to the last unit of an input.
- Average product (AP) - A measure of the output produced per unit of input.
- Explain alternative ways of measuring the productivity of inputs and the role of the manager in the production process.
- Describe the relationship between Marginal Revenue and the Own Price Elasticity of Demand.
- Discuss three factors that influence whether the demand for a given product is relatively elastic or inelastic.
- Describe the relationship between the Elasticity of Demand and Total Revenues.
- Apply various elasticities of demand as a quantitative tool to forecast changes in revenues, prices, and/or units sold.
- Calculate consumer surplus and producer surplus, and describe what they mean.
- Explain the laws of demand and supply, and identify factors that cause demand and supply to shift.
- Explain the laws of demand and supply, and identify factors that cause demand and supply to shift.
- Apply marginal analysis to determine the optimal level of a managerial control variable.
- Accounting Profit = Total Revenue - Explicit Costs
- Find economic and accounting profits and costs
- Summarize how goals, constraints, incentives and market rivalry affect economic decisions
- Describe Fiscal Policy
- Describe Monetary Policy
- List and identify some of the measures of Inflation
- Define an Employed and Unemployed person according to the Bureau of Labor Statistics.
- Identify the phases of a Business Cycle
If the answers is incorrect or not given, you can answer the above question in the comment box. If the answers is incorrect or not given, you can answer the above question in the comment box.