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Managerial Economics: A Problem-Solving Approach. by. Nick Wilkinson.
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PrefaceManagerial economics, meaning the application of economic methods to the managerial decision-making process, is a fundamental part of any business...
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Nick Wilkinson is Professor of Economics at Richmond the American International ... He has authored two books, 'Managerial Economics: A Problem-Solving...
From Managerial Economics
Marginal cost pricing sets price based on variable/marginal cost, focusing on contribution to fixed costs. Applications: accepting special orders, export pricing, using spare capacity, recession pricing where covering variable cost is key.
It helps short-run decisions but should not be used continuously if it fails to recover fixed costs in long run.
Risk attitude affects the final decision even when EMV is known.
Managerial economics is a stream of management studies which emphasises solving business problems and decision-making by applying the theories and principles of microeconomics and macroeconomics. It is a specialised stream dealing with the organisation's internal issues by using various economic theories.
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Demand function shows the relationship between quantity demanded and its determinants.
General form: Qd = f(P, Y, Ps, Pc, T, A, E, N) where P = price, Y = income, Ps = substitutes' price, Pc = complements' price, T = tastes, A = advertising, E = expectations, N = number of buyers.
A simple linear demand function often used is: Qd = a − bP, where b>0 indicates an inverse relation between price and quantity demanded.
Demand estimation vs demand forecasting:
In short: Estimation gives the demand relationship; forecasting uses it to predict future quantities for managerial decisions.