Managerial Economics

Question 1

Six Steps to Decision Making

Answer 1

1. Define the Problem 2. Determin the Objective 3. Explore the Alternatives 4. Predict the Consequences 5. Make a Choice 6. Perform Sensitivity Analysis

Question 2

CSR

Answer 2

Corporate Social Responsibility

Question 3

Two types of models

Answer 3

Deterministic and Probabilistic

Question 4

Managerial Economics

Answer 4

Analysis of major management decisions using the tools of economics.

Question 5

Oligopoly

Answer 5

market structure where a few large companies control a dominant share of an industry