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Intermediate Macro Economics > Managerial Economics > Flashcards

Managerial Economics Flashcards

1
Q

Managerial Economics Definition

A

Science to explain how resources can be allocated in an efficient manner

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2
Q

Science to explain how resources can be allocated in an efficient manner

A

Managerial Economics Definition

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3
Q

Elements of Economic Decision

A
  1. ) Define decision to be made
  2. ) Outline Available choices
  3. ) Define a measurable objective
  4. ) Input Variables in respect
  5. ) Relationships between variables interpret.
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4
Q
  1. ) Define decision to be made
  2. ) Outline Available choices
  3. ) Define a measurable objective
  4. ) Input Variables in respect
  5. ) Relationships between variables interpret.
A

Elements of Economic Decision

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5
Q

Price Elasticity

A

change of demand due to a change of price

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6
Q

change of demand due to a change of price

A

Price Elasticity

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7
Q

elastic demand

A

lose customers after price increases

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8
Q

lose customers after price increases

A

elastic demand

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9
Q

inelastic demand

A

customers remain loyal after a price increases

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10
Q

customers remain loyal after a price increases

A

inelastic demand

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11
Q

Shift OF demand curve

A

change of volume sold even if price does not change

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12
Q

change of volume sold even if price does not change

A

Shift OF demand curve

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13
Q

Shift ON demand curve

A

change of volume sold due to change of price

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14
Q

change of volume sold due to change of price

A

Shift ON demand curve

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15
Q

Law of Diminishing Return

A

every additional unit of input generates less return from previous unit

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16
Q

every additional unit of input generates less return from previous unit

A

Law of Diminishing Return

17
Q

Economies of Scale

A

The more you produce (scale) the lower the average cost per product

18
Q

The more you produce (scale) the lower the average cost per product

A

Economies of Scale

19
Q

Profit Maximization

A

Analysis of demand curve and variable costs and optimizing to set price

20
Q

Analysis of demand curve and variable costs and optimizing to set price

A

Profit Maximization

21
Q

Price Discrimination

A

willing to pay more or less in discretion of the buyer

22
Q

willing to pay more or less in discretion of the buyer

A

Price Discrimination

23
Q

Game Theory

A

The moves and countermoves between two parties who try to optimize their own results

24
Q

The moves and countermoves between two parties who try to optimize their own results

A

Game Theory

Intermediate Macro Economics (3 decks)

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