Have you studied Managerial Economic s as your major subject? And now you are searching for a suitable job, where your specialized knowledge can be put to use?
In a Managerial Economics job you will be able to apply the economic theories to the business enterprise in order to facilitate decision making. With a major in managerial economics, you can develop a career as a survey researcher, credit analyst, investment analyst or an investment banker.
Browse through the wisdomjobs page to get all the details about the Managerial Economics job vacancies and also find the application process for the same. You can also prepare for the interview by reading the Managerial Economics job interview questions and answers given to here.
Question 1. What Is Managerial Economics? Answer : Economics is a social science, which studies human behavior in relation to optimizing allocation of available resources to achieve the given ends. The application of economic science is all pervasive. More specifically economic laws and tools of economic analysis are applied a great deal in the progress of business decision making.
This has led to the emergence of a separate branch of study called Managerial Economics. Managerial Economics is the study of economics theories, logic and tools of economic analysis that are used in the process of business decision making. Economic theory and technique of economic analysis are applied to analyse business problems, evaluate business options and opportunities with a view to arriving at appropriate business decision. Managerial economic is thus constituted as that part of economic knowledge, logic, theories and analytical tools that are used for rational business decision making.
Question 2. Answer : Study of economic theories, logic and methodology for solving the practical problems of business. It is used to analyze business problems for rational business decisions. It is also called as Business Economics or Economics for firms.
Managerial economics helps in rational decision making. The various economic concepts help a manger to take right decisions. The scope of managerial economics is:. Question 3. Question 4. Answer : The study of economics is divided into two parts.
Question 5. Question 6. State Law Of Demand? Answer : law of demand basically says when the price of a certain product goes up,quantity demanded of that product goes down. Question 7. What Does Perfect Competition Mean? Answer : Perfect competition is basically an economic model that helps to describe a hypothetical market form.
In this form the producer or the consumer does have any kind of market authority in order to make changes in prices.Define what is Economics? Economics is the study of how goods and services produced and how they are distributed.
Into how many branches the area of economic theory is divided into? Define what does micro-economics deal with? It deals with the analysis of small units of the economy, such as individual consumers, firms, individual prices, individual industries, etc.
Define what is called price theory? The price mechanism as expressed through the market behavior of individual households and firms is the central point of microeconomic theory. Hence it is called price theory. Define what is a discounting principle? The discounting principle is a concept developed from the opportunity cost concept.
It is a common notion that the present value of money available after a few years is less than the present value of money available today. Managerial economics has a close connection with which subjects? Statistics, mathematics and operations research. Statistical techniques are now widely used to Define what?
It is used to Define what? It is used in dealing with managerial problems. Which technique is mainly used in solving business problems?
The operations research is a specialized approach to investigate the particular problem of the firm. It can be defined as the application of mathematical techniques in solving the business problem.
Define what do you mean by the price elasticity of demand? The rate at which demand changes when price changes are known as elasticity of demand. Define what do you mean by income elasticity of demand? Income elasticity of demand measures the rate of change in demand in response to a given rate of change in income.Whereas managerial economics involves application of economic principles to the problems of the firm, Economics deals with the body of the principles itself.
Whereas managerial economics is micro-economic in character economics is both macro-economic and micro-economic. But micro economics as a branch of economics deals with both economics of the individual as well as economics of the firm. Under micro-economics as a branch of economics, distribution theories, viz.
Economic theory hypothesizes economic relationships and builds economic models but managerial economics adopts, modifies, and reformulates economic models to suit the specific conditions and serves the specific problem solving process. Thus, economics gives the simplified model, whereas managerial economics modifies and enlarges it.
Economic theory makes certain assumptions whereas managerial economics introduces certain feedbacks on multi-product nature of manufacture, behavioral constraints, environmental aspects, legal constraints, constraints on resource availability, etc. These goods are used in the production of other goods.
Machinery, tools and implements, factory buildings, etc. The differentiation between a consumer good and a capital good is based on the purpose for which it is used, rather than, the good itself. A loaf of bread used by a household is a consumer good, whereas used by a sweet shop is a producer good. Consumer goods are further classified as durable and non-durable goods.
Examples of non-durable goods are sweets, bread, milk, a bottle of Coca-Cola, photoflash bulb, etc. They are also called single use goods. On the other hand, durable consumer goods are those which go on being used over a period of time, e. Of course, the lengths of time for which they can go on being used vary to a good deal.
A shirt may last a year or two. A car or a refrigerator may provide fairly useful service for 10 to 15 years. Old furniture can go on being used almost indefinitely so long as it is properly looked after. Durable goods are necessarily durable but not all non-durable goods are perishable. For example, coal can be stored indefinitely. Durable products present more complicated problems of demand analysis than products of non-durable nature.
Sales of non-durables are made largely to meet current demand which depends on current conditions. Sales of durables, on the other hand, add to the stock of existing goods that are still serviceable and are subject to repetitive use.
Thus it is a common practice to segregate current demand for durables in terms of replacement of old products and expansion of total stock. Demand analysis for durable goods is complex. Determination of demand for these goods has to take into consideration the replacement investment and expansion of the industry.
The reasons for replacement investment are due to technological developments making the existing technology outmoded and the depreciation of the capital over a period of time.
Suppose the demand for consumer goods expands. Then there will be a need to expand the production of capital goods in order to produce the consumer goods.
Thus, if more bicycles are demanded, more machinery will be required to produce bicycles. When the demand for a product is tied to the purchase of some parent product, its demand is called derived demand.
For example, the demand for cement is derived demand, being directly related to building activity. Also, the demand for packaging material is a derived demand.Ask a Question. Recent questions and answers in General Economics Questions. Can you use purchasing power parity to measure economic growth? Moving to Online Teaching.
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Ken Wilson Want to learn new things and share my knowledge. Lopez Driving down to Knowledge town. John Smith. Harty Have keen interest in writing, traveller by heart.
Robert Hazlewood Here to relax my mind a bit. Forgot your password? Login Sign Up Free. Speak now. Quiz Maker All Products. Anika Nicole, Wordsmith Answered: Jun 27, Hence, the correct option is D.
Read More. Want to learn new things and share my knowledge. Letter D is the correct answer to this number. Adam Smith, a famous economist, quoted in his book that firms and households are guided by some invisible hand that leads them to market outcomes What is the opportunity cost of going to college?
Driving down to Knowledge town. Lopez, Chauffer Answered: Mar 07, The correct answer is option B. The value of the best opportunity a student gives up to attend college. Opportunity cost is also referred to as alternative cost. It is the cost of given up Which of the following statements about positive economic analysis is false?
Tclea Answered: Apr 15, There is much more disagreement among economists over positive economic analysis than over normative economic analysis. Where does the phenomenon of scarcity stem?
John Smith Answered: Apr 15, What is the classic example of paradox of value? Have keen interest in writing, traveller by heart. Harty, Writer Answered: Feb 28, The answer to this is letter A.
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