Managerial Economics

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How to Identify Dominant Actions in Simultaneous-Move, One-Shot Business Games

Game theory can be applied to the science of managerial economics. For instance, how does a business person win the simultaneous-move, one-shot business game. In these games, players make decisions at [more…]

How to Calculate Maximum Profit in a Monopoly

Profit is maximized at the quantity of output where marginal revenue equals marginal cost. Marginal revenue represents the change in total revenue associated with an additional unit of output, and marginal [more…]

How Prisoner’s Dilemma Game Theory Applies to Managerial Economics

We know that business managers do not always make the most profitable economic choices. Otherwise, there wouldn’t be so many failures. Managerial economics uses game theory to help to explain this observation [more…]

How to Calculate Economic Profit

Economic profit is defined as the difference between total revenue and the explicit plus implicit costs of production. It’s the same as profit. Economic profit per unit equals price minus average total [more…]

Managerial Economics: Basics of the Government's Role in International Trade

Managerial economics calls for a solid understanding of the government's role in international trade. Importing similar goods is a major source of competition for domestic businesses. Governments can influence [more…]

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