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Managerial Economics Unit - 3 Lets start boiling water on our gas stove and getting our notes within minutes😌 Okay!! To get completely into the syllabus of this subject Managerial Economics lovably called as just ECO, please come here 👉💌 Okay now let's move to our first topic😌 Market Analysis Pastly, a specific place where purchase & sale of goods takes place was termed as market. But in a broader outlook economist says that, "market refers to the whole area or platform where the buyers and sellers of the products are spread and it is not limited to a specific place." Nature of market 1. It is for a commodity. 2. It covers the whole area not a fixed location. 3. Market assumes that perfect competition should be present (However, this opinion is gradually diminishing as economists believe that imperfect market also exist). 4. Potential buyers and sellers are present. 5. Sale and purchase of commodity takes place. 6. Price rule is followed. Determinants of market st...

Managerial Economics UNIT - 2 Lets start boiling water on our gas stove and getting our notes within minutes😌 Okay!! To get completely into the syllabus of this subject Managerial Economics lovably called as just ECO, please come here 👉💌 UNIT - 1 of Managerial Economics PART - A PART - B Notes Okey moving on to our first topic of UNIT - 2 Production Analysis Concept of production "Production is an economic activity which converts inputs into outputs or services with addition of utility." "Utility can be defined as the capability of product or service to satisfy the needs and wants of a customer." 》》Production analysis is dealing with the relationship between input factors and output of goods and services. Production analysis studies the relationship between input factors and output to set an equilibrium point between demand and supply and to reduce the cost of production for attaining maximum profit. Factors of production There are broadly 4 classification of fac...

Managerial Economics UNIT-1 Lets start boiling water on our gas stove and getting our notes within minutes😌 Okay!! To get completely into the syllabus of this subject Managerial Economics lovably called as ECO😂 just come here 👉💌 Managerial economics "The application of economic theories to the problems of management is referred to as managerial economics." Which simply means that finding solutions to the problems of management with the help of economic theories, concepts and laws. The prime focus of managerial economics is to maximize the profit. Managerial Economics is also known as "Business economics" or "Economics for firms". Nature of managerial economics 1. It is microeconomic in nature because Managerial Economics is completely based on the concept of microeconomics. 2. Pragmatic because it avoids all the complex abstract issues of theories and involves practical problems from the end of ground reality. 3. Related to normative economics be...