Write a short explanation for the following questions (10 pts each):

1. What is Managerial Economics?
- Managerial economics is concerned with applying economic theory and analytical tools to solve decision-making problems faced by private institutions.

2. What is Optimization?
- Optimization deals with determining the extreme values (maximum or minimum) for an objective function and involves choosing the best alternative from the available ones.

3. What does the Law of Demand and Supply state?
- The law of demand and supply states that the price of a good or service is determined by the interaction of its supply and demand. Generally, as the price of a good or service increases, the quantity demanded decreases and the quantity supplied increases, and vice versa.

Question

30-07-2024
Business

Answered

Write a short explanation for the following questions (10 pts each):

1. What is Managerial Economics?
- Managerial economics is concerned with applying economic theory and analytical tools to solve decision-making problems faced by private institutions.

2. What is Optimization?
- Optimization deals with determining the extreme values (maximum or minimum) for an objective function and involves choosing the best alternative from the available ones.

3. What does the Law of Demand and Supply state?
- The law of demand and supply states that the price of a good or service is determined by the interaction of its supply and demand. Generally, as the price of a good or service increases, the quantity demanded decreases and the quantity supplied increases, and vice versa.

Answer :

Other Questions

Two large parallel metal plates are [tex]$3.0 \, \text{cm}[tex]$[/tex] apart. The magnitude of the electric field between them is [tex]$[/tex]700 \, \text{N/C}$

which statement demonstrates governmental control over individual choice? 1. Philadelphia had a large German immigrant population during the fights of American

The chart shows how two people with different incomes are taxed.\begin{tabular}{|l|l|l|l|}\hline & \multicolumn{1}{|c|}{Income} & \multicolumn{1}{c|}{Ta

2. Read the dialogues given below and complete the passage that followsCaptainNiteshCaptainDo you know how to play cricket?Never had a chance to learn it.In thi

If f(x) = 2x+1 , what is f(x) when x=3?

What is the inverse of the following statement?"If the corresponding angles are congruent, then the lines are parallel."A. If the corresponding angles are not c

What do art historians do?A. Determine how much an artwork should costB. Memorize names and dates of objectsC. Study, analyze, and interpret objects from visual

The expansion device is responsible forO a. controlling the operation of the compressor.b. controlling the subcooling.c. metering refrigerant flow into the evap

Ethan rolls a 6-sided number cube. What is the probability that he gets a number less than 3?A. [tex]$\frac{5}{6}$[/tex] B. [tex]$\frac{2}{3}$[/tex] C. [tex]$

Describe in detail the formation of an atheroma.

GinnyAnswer GinnyAnswer · Answer 1 · 2024-07-30T15:50:54-04:00

Final answer:

Managerial economics combines economic theories with analytical tools, optimization seeks the best possible outcomes, and the law of demand and supply explains price and quantity dynamics.

Explanation:

Managerial Economics

Managerial economics involves applying economic theories and analytical tools to solve problems faced by private institutions. It is relevant for managers in various types of organizations, including businesses, non-profit entities, and government units. The focus is on decision-making to optimize resources and achieve organizational goals.

Optimization

Optimization is the process of determining the best possible outcome, which can be maximum or minimum, for a given objective. It involves choosing the most favorable option among available alternatives to improve efficiency and effectiveness.

Law of Demand and Supply

The law of demand and supply states that there is an inverse relationship between the price of a good or service and the quantity demanded, while there is a direct relationship between price and quantity supplied. When demand exceeds supply, prices tend to rise, and when supply exceeds demand, prices tend to fall.

Learn more about Managerial economics, Optimization, Law of Demand and Supply here:

https://brainly.com/question/33098421