4 Discuss the important characteristics of the supervisor as team leader. curves imply that cost is a function of output, i.e. 2 Managerial Economics appendix. Business Economics- Meaning, Nature, Scope and significance Introduction and meaning : (Author : Dr. M.S. Decision making2. Ans . Decision making means the process of selecting one out of C = f(Q), ceteris paribus. Write short note on Cobb-Douglas production function. Business involves decision-making. TWO MAJOR FUNCTIONS OF MANAGERIAL ECONOMICS:-1. Functions of Managerial Economics Identifying business problems related to resource allocation Pricing problem Inventory and queuing problem Investment problems Demand Demand for a commodity refers to the quantity of the commodity which an individual person is … 3 Define management and discuss how the primary managerial functions are interrelated. It is intended only as a brief refresher. Academia.edu is a platform for academics to share research papers. 2 Explain why effective supervisors should have a variety of skills. in Cobb-Douglas production function, there are two inputs, capital and labour. The clause ceteris paribus implies that all other factors which determine costs are held c onstant. Chapter 2: The Managerial Functions After studying this chapter,you will be able to: 1 Summarize the difficulties supervisors face in fulfilling managerial roles. Khanchi) Business Economics, also called Managerial Economics, is the application of economic theory and methodology to business. Forward planning For a more comprehensive review, readers should consult any of the many texts and review books on this subject.1 In fact, any college algebra or calculus text would be just as suitable as a reference. PRODUCTION FUNCTIONS in Managerial Economics - PRODUCTION FUNCTIONS in Managerial Economics courses with reference manuals and examples pdf. April 18, 2016 | Ripunjay Tiwari | principles of management and managerial economics | Cobb-Douglas, function, note, on, production, short, Write | 0 Comments.

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