Perfect Competition – Meaning, Definitions and Characteristics Topics Covered i. Perfect competition Meaning ii. Definition of Perfect Competition iii. Features of Perfect Competition/Characteristics of Perfect Competition About Perfect Competition Under perfect competition a large number of firms compete against each other. Therefore, the degree of competition number perfect competition is close to one. […]
Economies of scale Economies of scale mean the cost advantage of large scale production. They occur mostly in the long run when increasingly larger plants yield lower cost of production. Economies of scale arise when a business firm expands its scale of production, the unit cost of production decreases. If the unit cost increases while […]
Demand Elasticity – Meaning, Definitions and Types Meaning of Demand Elasticity Elasticity in general, means the sensitivity or responsiveness of one variable to any change in another related variable. Demand Elasticity is a concept of judging the responsiveness of demand. J.S. Mill and Cournot were the early economists who referred to Elasticity of Demand in […]
Types of Demand There are large number of goods and services available in every economy. Their classification is important in order to carry out a demand analysis for managerial decisions. Following categories have made on the basis of the nature of commodity demanded (consumer goods and capital goods), time unit for which it is demanded […]
Determinants of Demand There are various factors on which the market demand and individual demand for a product depends. These factors are known as determinants of demand. The knowledge of the determinants of market demand for a product and the nature of relationship between the demand and its determinants proves very helpful in analyzing […]
Determinants of Demand There are various factors on which the market demand and individual demand for a product depends. These factors are known as determinants of demand. The knowledge of the determinants of market demand for a product and the nature of relationship between the demand and its determinants proves very helpful in analyzing […]
Scope of Managerial Economics In general, the Scope of Managerial Economics comprehends all those economic concepts, theories and tools of analysis which can be used to analyse the business environment and to find solutions to practical business problems. In other words managerial economics is economics applied to the analysis of business problems and decision making. Broadly […]
Importance of Managerial Economics Business and industrial enterprise aims at earning maximum proceeds. A good decision requires fair knowledge of the aspects of economic theory and tools of economic analysis, which are directly involved in the process of decision making. Since managerial economics is concerned with such aspects and tools of analysis, it is […]
Characteristics of Managerial Economics Following are the characteristics of Managerial Economics: Microeconomics Managerial economics in character as it is concerned with smaller units of the economy. It studies the problems and principles of an individual business firm or an individual industry. It assists the management in forecasting and evaluating the trends of market. Normative […]
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