GMS 402 Final Exam (Managerial Economics Final Exam Notes) with Complete Solutions

GMS 402 Final Exam (Managerial Economics Final Exam Notes) with Complete SolutionsGMS 402 Final Exam (Managerial Economics Final Exam Notes) with Complete SolutionsGMS 402 Final Exam (Managerial Economics Final Exam Notes) with Complete Solutions Managerial Economics - ANSWER-The study of how to direct scarce resources in the way that most efficiently achieves a managerial goal How to calculate economic profit - ANSWER-= accounting profit - opportunity cost Basic Principles compromising effective management - ANSWER--Identifying goals and constraints -Recognize the nature and importance of profits -Understand incentives -Understand markets -Recognize the time value of money -Use marginal Analysis The three rivalries in economic transactions - ANSWER-Consumer - producer rivalry