To be a good manager, you need to be a good economist. But it takes time and effort. This blog is an attempt to discuss managerial issues in a straight, simple and easy way. It is neither overwhelming nor nerve breaking. Just click that orange button on the top left to subscribe to my RSS/XML feed and receive alert about fresh additions on this site.
After that just go through the items which have already been blogged. You are also welcome to contribute.
Inflation measurement is deceptive due to income disparity. Pakistan faces a dangerous trade deficit. Its upper middle-class benefits from a high proportion
Without understanding transaction costs you can’t get exact turnout of your business. Read the article to know them well for right choices.
The individual projects may have individual cost management measures. But companies and public sector need to include it in their overall planning.
Managerial Economics Quizzes
Under interpretation of elasticity coefficients there is price elasticity of demand and income elasticity of demand but i don't really understand it very
Except for Giffen goods, I do not think there could be upward-sloping demand curves. The other examples are noy holding othet things constant and confusing
When consumer purchase a car like OD CARS. .they have the ability to maintain the car When the price of fuel increases the demand of car decrease
I just find it difficult to understand relative elasticity and inelasticity would any one please help me?
It can be defined as ways by which managers can make decisions that can be favorable to them.
Do laws of economics fully satisfy the changing statistics of today? By Admin: Thanks for your interest in economics. In one sentence, the laws of economics
Economy of scope and economy of scale are two related but different concepts. The managers can cash in on by exploiting the both.
Economies of scope talk about reducing cost by producing variety by utilizing the already available plant, machine, technology and other resources.
Application of Game Theory in economics can be done in both ways as well as from outside of a firm or inside of a firm. Practical examples.
Game theory definition changes as you move from one discipline to other. Here we will go for definitions which are helpful for managerial decision making process.
Game theory shows how different games can be played in our daily managerial lives. I love chess so I have chosen it to explain the game theory. You can choose your own game...
Scarcity definition makes it somewhat an uncontrollable economics. However, many firms have exploited scarcity with their better organizational talents.
Handling scarcities of resources with economic reasoning can lead you to provide the best value to your customers which helps them to come back with a satisfied mindset.
Production possibility curve in expression of graphing production possibilities of two products at the same machinery and technology.
Production possibility frontier explains scarcity, efficiency and opportunity cost issues and details alternatives to make the best decisions.
Consumer behavior model explains why consumer make certain purchase decisions and why prefer one product over the other?