Managerial Economics > QUESTIONS & ANSWERS > Managerial Economics Exam 1: Chapter 1-4 (All)
Managerial Economics Exam 1: Chapter 1-4
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Economics Correct Answer the study of decision-making in the presence of scarcity Managerial economics Correct Answer the application of economic analysis to managerial decision making Marginal ... reasoning Correct Answer considering the effect of a small change Examples of tradeoffs Correct Answer how to produce What prices to charge Whether to innovate Younger individuals invest in _________ assets, while older individuals invest in ______ assets, like bonds. Correct Answer riskier ; safer Examples of other decision makers (in reference to managerial decision making) Correct Answer consumers Workers Rivals Governments Market Correct Answer an exchange mechanism that allows buyers to trade with sellers Strategy Correct Answer a battle plan that specifies the actions or moves that the manager will make to maximize the firm's profit when interacting with a small number of rival firms Model Correct Answer a description of the relationship between 2 or more variables -what if analysis -economic models include only the essential issues -a simplification of reality Positive statement Correct Answer concerns what is or what will happen and describes reality. Ex: The economy is growing at 3.4% This does not mean we are certain about the truth of the statement; it indicates only that we can test it. [Show More]
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