With the aid (wherever possible) of diagrams, compare the outcomes of the traditional profit maximization model with those obtained by the managerialist and behaviouralist theorists.
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- How are the budget constraints in newclassical approach different than the mmt/heterodex approach?Define managerial economics and its relation with economics theory and decision science?What do you think is the impact of ChatGPT on the economy and job prospects, and how could it potentially change the job market? How do economists view the use of generative AI models such as ChatGPT in terms of increasing shared prosperity and reducing income inequality?
- How does decision making in the regulatory and legal enviornment relate to the real world of business in relation to managerial economics?If you suspect the presence of multicollinearity, how would you characterize the degree of multicollinearity that is likely to occur in your model? ( choose from light, moderate or severe multicollinearity)Business economics bridges the gap between abstract theory and business practice. It uses the tools of economic analysis in classifying problems in organising and evaluating information and in comparing alternative courses of action outline the nature and scope of managerial economics.
- The Hawthorne Studies utilized experiments Which result would have been expected in the Hawthorne Studies had it been based on the principles of scientific management? Scientific management would have predicted that employees seek to be happy at work. O Scientific management would have predicted that employees would succumb to normative pressures and adjust their productivity accordingly. Scientific management would have predicted that employees would seek to maximize their wages. Scientific management would have predicted that employees would strive to maximize time off. Choose the best answer to the following question. to assess the factors that could influence productivity. Which organizational resource is the focus of the behavioral management perspective? Physical Financial Information Human.What do you understand by the concepts of intra and inter temporal choice models in Managerial Economics, further as a fresh graduate of MSc in Managerial Economics, clearly demonstrate how intra and inter temporal choice models can make society incur an opportunity cost if not managed adequately and effectively .Generally speaking, managerial economics is the application of economic theory to the field of business: a) Ethics b) Management c) Practice d) All of the above.
- Scenario and activity: Managerial economics helps in estimating the product demand, planning of production schedule, deciding the input combinations, estimation of cost of production, achieving economies of scale and increasing the returns to scale. It also includes determining price of the product, analyzing market structure to determine the price of the product for profit maximization, which helps them to control and plan capital in an effective manner. Successful mangers make good decisions, and one of their most useful tools is the methodology of managerial economics. Mr Kevin Buffett, the renowned chairman and CEO of Bedfordshire Companies, invested $100 and went on to accumulate a personal net worth of $30 billion. Buffett credits his success to a basic understanding of managerial economics. Buffett's success is a powerful testimony Managerial economics has a very important role to play by helping managements in successful decision making and forward planning. To discharge his…Why is the subject of managerial economics relevant to the problem of global warming?Dornbusch model Use the full formal model to show what happens when there is an expansion in long-run output, due to e.g. a productivity improvement. Explain intuitively.
