Module II: Fundamental Concepts of Managerial Economics * Opportunity Costs‚ Incremental Principle‚ Time perspective‚ Discounting and Equi-Marginal principles. * Theory of the Firm: Firm and Industry‚ Forms of Ownership‚ Objectives of the firm‚ alternate objectives of firm. * Managerial theories: Baumol’s Model‚ Marris’s Hypothesis‚ Williamson’s Model. * Behavioral theories: Simon’s Satisficing Model‚ Cyert and March Model. * Agency theory. * Opportunity cost principle
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motivator of on-the-job brand building behaviors; when organizational identification is high‚ perceived organizational support boosts employees’ voluntary participation in brand development and positive word-of-mouth. These findings highlight the managerial relevance of the employee-organization relationship for turning employees into brand champions and show how organizational identification can be stimulated by means of internal branding. service brands internal branding organizational identification
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Assignment #1 1. Define scarcity and opportunity cost. What role d these concepts play in the making of management decisions? Scarcity is a condition that exists when resources are limited relative to the demand for their use. Another way of describing this condition is to state that scarcity exists when resources are not available in unlimited amounts. When resources are available in unlimited amounts‚ economists consider them to be “free” goods. Because of the scarcity of resources‚ choices
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Managerial Roles Managers must wear many different hats in formulating and implementing task activities related to their positions. In an attempt to understand the diversity of hats managers must wear‚ Henry Mintzberg examined managerial activities on a daily basis. His study enabled him to identify ten different but‚ coordinated sets of behavior‚ or roles‚ that manager assume. These ten roles can be separated into three general groupings: interpersonal roles‚ informational roles‚ and decisional
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Managerial Statistics Distinguish between primary data and secondary data? OBJECTIVE The main objective of this topic is to measure the degree of relationship between the variables under consideration.The correlation analysis refers to the techniques used in measuring the closeness of the relationship between the variables. DEFINITION Some important definitions of correlation are given below: 1. “Correlation analysis deals with the association between two or more variables”. ---- Simpson &
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Gus Bonilla MBA 217 Managerial Economics Individual Assignment 2) A firm’s product sells for $2 per unit in a highly competitive market. The firm produces output using capital (which it rents at $75 per hour) and labor (which is paid a wage of $15 per hour under a contract for 20 hours of labor services). Complete the following table and use that information to answer the questions that follow. K | L | O | MPK | APK | APL | VMPK | 0 | 20 | 0 | - | - | - | - | 1 | 20 | 50 | 50 | 50
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Profit rates differ among firms in a given industry and even more widely among firms in different industries. Please explain the factors which contribute to different profit rates. Profit rates differ among firms in any given industry in variety of industries. Several theories are explained below to show which the factors are influences the profit of a firm; A. Risk Bearing Theory of Profit The idea was conceived initially by an American economist‚ F.H. Hawley. Hawley believed that a circle
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http://operationstech.about.com/od/glossary/g/SRM_SuppRelMgt.htm 3. CIEŚLIŃSKA.K(2007) “The basic roles of a manager in a business organisation” retrieved on 14/04/2012 from http://www.jard.edu.pl/pub/1_6_2007.pdf 4. Daft‚ R. L. (2012)‚ Management: 10th Edition. Ohio‚ USA: South-Western p.g 281 5. kathuria.M(2008) “Three ways to build a successful manager-employee relationship” June 23 2008 retrieved on 13/06/2012 from http://www.managementparadise.com/forums/human-resources-management/31145-three-ways-build-successful-manager-employee-relationships
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Skills reflect both an understanding of and a proficiency in a specialized field. A manager may have technical skills in a specialized field such as accounting‚ finance‚ computer science… etc. for example‚ an account payable manager must be proficient in accounting rules and procedures so that he can resolve problems and answer questions related to accounting. Human Skills Human skill is the ability to understand‚ alter‚ lead and control the behaviour of other individuals and groups. It is the ability
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Child labour and poverty are inevitably bound together and if you continue to use the labour of children as the treatment for the social disease of poverty‚ you will have both poverty and child labour to the end of time. (Grace Abbott)
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