Managerial Economics

1.Distinguish short run from long run be? The distinction in the midst of short-run and long-run monetary value is ground upon the degree of adaptation of all input factors to rate and grammatical case of output. When there is better flexibility in the size of ingraft, job force, executive talent, and so forth then the long-run cost behavior is involved. For example, during the long run the theatre director compares all short-run situations. In the short run or operating period, a manager cab decide whether to green groceries and how much to produce but in unable to increase the size of the manufacturing plant or to change locations. In the long run the manager can expand, contract, relocate, enter a new business, exit all line of business, or quit doing business altogether. 2.Define lessen marginal returns. Give an example of it Diminishing marginal returns is a short-run physical property, while economies and diseconomies of scale refer to the long-run. For example, place more people at a table may decrease efficiency if people are getting in the way of each other or waiting to put on other resources. 3.Define communicate Chain Management? Supply Chain Management is primarily a focus on reducing costs. The supply chain represents the steps from raw hooey or resources to finished product and sale to the customer.

Also, refers to the attempt to condition that each transaction along the supply chain is efficient. 4. contend why agricultural industries in the U.S. are primary examples of perfect competition. The agricultural is a perfect competition because it is characterized by many small producers with virtually no ability to alter the interchange price of their products. The commercial buyers of agricultural commodities are generally very(prenominal) well informed and, although agricultural production involves some barriers to entry, it is non particularly difficult to enter the marketplace as a producer. 5.Explain the similarities and differences in long run equilibrium between a) perfectly... If you want to get a full essay, order it on our website: Orderessay

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