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Managerial economics as tools for decision making. Discuss- Explain the short-run and long-run equilibrium under
perfect competition andmonopoly market .
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- How does managerial economics help to assess operational issues faced by private business firms.examine the key principles involved in scintific management and comment briefly on whether you feel these principles are still relevant for modern managers. also explain the key differences between the human resources school compared with the human relations school.Wheel Co. Ltd, operating in a competitive industry has a cost function: TC =5+13Q2 -3Q. This firm can sell whatever output it produces at $18. a. Calculate the level of output that maximizes the company's profit and calculate the wwn profit earned! b. How is the managerial decision, whether to produce or not? (explain using numbers) c. At what selling price, is it said that the company must close its business?
- Demand in an industry is expected to decrease permanently. Before the decrease in demand the industry was in a long-run equilibrium in which the number of firms was stable. What does the perfect competition model predict will happen to the price in the long-run after the decrease in demand? Group of answer choices The price will decrease The price will decrease if it is an increasing cost industry. The price will increase if it is an increasing cost industry. The price will increaseAccording to macroeconomic theory, in a perfectly competitive market a company: Group of answer choices is a cost maximizer. is a price searcher. is a price taker. is a quantity taker.what happens to ATC and MC when companies increase the productive capabilities after they invest in human or physical capital, or new technology or they improve their managerial capabilities.
- You are the chief financial officer for a firm that sells digital music players. Your firm has the following average-total-cost schedule: Your current level of production is 600 devices, all of which have been sold. Someone calls, desperate to buy one of your music players. The caller offers you $550 for it. Should you accept the offer? Why or why not. Single line text.Production for which P = CPT enables the competitive producer to maximize profits or minimize losses. True or falseThen, plot points along the portion of the firm's short-run supply curve that corresponds to prices where there is positive output.
- Everything U Want Stores is trying to decide whether to keep or drop the hardware department in its megastore. If the department is dropped, the manager will be fired. The manager's salary, in relation to the decision to keep or drop the department, is Group of answer choices sunk and therefore not relevant an opportunity cost and therefore not relevant avoidable and therefore relevant the same for both alternatives and therefore not relevantSuppose you run an independent trucking business. You own a tractor trailer for hire. You work with a broker who offers you business to transport various cargos from one location to another. You can choose to take a particular job at the price offered or not. The broker works with many similar truckers. Now suppose that the economy improves as U.S. manufacturers produce more output. What impact will this have on the independent trucking industry in the short run, in terms of the market price, output of an individual firm, and market equilibrium quantity? What impact will this have on the firm’s profits? What impact will the increase in manufacturing output have in the long run on each of these variables?The graph below shows a particular firms marginal revenue (mr) marginal cost (mc) and average total cost (atc) curves, where the market is competitive. Suppose that a new management team is brought in and that this team is initially less concerned about maximizing profits than it is simply about making a profit. What range of production quantities will allow the firm to operate while earning a profit? Give you're answer by dragging the qmin to Qmax lines into their correct positions. The output will need to lie somewhere between those limits.