Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

SD: Finance, Accounting, Entrepre > Managerial Economics > Flashcards

Managerial Economics Flashcards

You may prefer our related Brainscape-certified flashcards:
Series 66 flashcards SIE Exam flashcards Series 63 flashcards Series 79 Top-Off Exam flashcards Series 7 Top-off Exam flashcards CFA flashcards Series 65 flashcards
1
Q

Managerial Economics Definition

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

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

A

Managerial Economics Definition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

1.) Define decision to be made2.) Outline Available choices3.) Define a measurable objective 4.) Input Variables in respect5.) Relationships between variables interpret.

A

Elements of Economic Decision

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Price Elasticity

A

change of demand due to a change of price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

change of demand due to a change of price

A

Price Elasticity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

elastic demand

A

lose customers after price increases

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

lose customers after price increases

A

elastic demand

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

inelastic demand

A

customers remain loyal after a price increases

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

customers remain loyal after a price increases

A

inelastic demand

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Shift OF demand curve

A

change of volume sold even if price does not change

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

change of volume sold even if price does not change

A

Shift OF demand curve

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Shift ON demand curve

A

change of volume sold due to change of price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

change of volume sold due to change of price

A

Shift ON demand curve

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Law of Diminishing Return

A

every additional unit of input generates less return from previous unit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

SD: Finance, Accounting, Entrepre (8 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions