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16 Cards in this Set
- Front
- Back
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1.2 role of managerial economics in shaping business decision |
demand and pricing analysis | cost analysis | production and resource allocation | Risk analysis and decision making | market structure and competition | strategic planning |
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1.3 fundamental task of managers |
processing information | making decisions |
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1.4 how economic theory helps managers in execute two basic test |
guidance in information gathering | strategic decision making |
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1.7 scope of managerial economics |
demand analysis |risk and uncertainty analysis| resource allocation | production and cost analysis | market structure and pricing strategies | profit maximization |
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1.8 role of managerial economist |
ensure profit maximization| forecasting and planning|assist in decision making | demand analysis | cost analysis | pricing strategies | resource allocation | risk management | solve economic problems |
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1.10 should the farms be primarily viewed as economic entities |
multifaceted nature of farms| social responsibility |stakeholder theory| cultural impact |legal and ethical considerations |
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2.1 what are the determinants demand |
price of the good or service | person's income | price of related goods or services| expected price of the good in future periods | taste and preferences |
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2.5 factors that Shift the demand curve |
income| price of related goods or services | expected price of the good in future periods | consumer preferences or tastes |
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2.6.1 how PED affects firms value |
Elastic | Inelastic | unitary elastic demand |
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2.6.2 determinants of price elasticity |
consumer's budget | price of durable goods| number of uses of a commodity| time frame |
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2.7 determinants of demand for an individual firm |
price of the good or service | price of substitute products| number of potential customers| per capita income of potential customers| income distribution| consumer test and preferences| advertising and other marketing policies |
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types of demand |
Price, |
