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the application of economic science in business decision making is all pervasive.more specifically, economic laws and tools of economic analysis are now applied a great deal in the process of business decision making. this has led,asmentioned earlier, to the emergence of a separate branch of study colled managerial economics.
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Explain why marginal physical product would diminish as More professors are hired in the economics department?
zabi
What is marginal profit?
In economics, marginal profit is the difference between the marginal revenue and the marginal cost of producing an additional unit of output.
Explain the merits and demerits of law of diminishing marginal utility?
explain the demerits of diminishing marginal utility
Can you explain the concept of marginal utility and how it influences decision-making in economics?
Marginal utility is the additional satisfaction or benefit gained from consuming one more unit of a good or service. In economics, decision-making is influenced by marginal utility because individuals tend to allocate their resources towards goods or services that provide the highest marginal utility relative to their cost. This means that people will continue consuming a good or service until the marginal utility no longer outweighs the cost, helping them maximize their overall satisfaction or utility.
Answer for November 2006 paper 4 economics a level?
Explain the Law of Diminishing Marginal Utility and discuss whether it supports the idea that higher incomes increase happiness?
How managerial economic tools such as marginal revenue marginal product marginal cost and marginal profit can be used to inform decision making?
basic economic tools in manaregial economics
What does the marginal principle of economics state?
The marginal principle will tell us that a firm will maximize it's profits by choosing a quantity at which, price=marginal costs.
Why is Marginal Analysis important in economics?
See: Alfred Marshall.
Explain Managerial economics is economics applied in decision making?
Explain Managerial economics is economics applied in decision making?
How can one determine the marginal rate of substitution in economics?
In economics, the marginal rate of substitution can be determined by calculating the ratio of the marginal utility of one good to the marginal utility of another good. This ratio represents the rate at which a consumer is willing to trade one good for another while maintaining the same level of satisfaction.
What does marginal costs mean?
In economics and finance, marginal cost is the change in total cost that arises when the quantity produced changes by one unit
Explain nature and scope of business economics?
Explain the nature & scope of business economics.
