Managerial econ units 1 4 - Study guides, Class notes & Summaries

3 factors that effect planning of organization - 1) organization level (more heirarchy better with more stability) 2) degree of uncertainty (more uncertain, shorter planning horizon) 3) length of future commitments (planning horizon should be as long as length of longest commitment by management 4 functions of management - 1) planning: business goals 2) organizing: allocating resources 3) leading: coordinating and directing 4) controlling: observe and analyze metrics to ensure completion...

A firm's total revenue function is given by R = 100 + 100Q - 2Q2. At Q = 10, which of the following is true? The firm's Marginal Revenue is $60 According to the law of demand, if a firm reduces the price of its good: Consumers in the Market will demand more units of the good. Managerial economics can best be defined as the ____________. analysis of major management decisions using economic tools. In evaluating public programs, benefit-cost analysis: states that a progr...

Econ 528: Managerial Economics Summer 2020 Final Exam Study Guide complete questions and answers /Econ 528: Managerial Economics Summer 2020 Final Exam Study Guide complete questions and answers Three graduate business students are considering operating a tofu burger stand in the Dalles, Oregon, windsurfing resort area during their summer break. This is an alternative to summer employment with a local fruit cannery where they would earn $7,500 each over the three-month summer period. A fully...