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    Ben Tennyson
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    Managerial Economics is the application of economic theory and methodology to managerial decision making. It addresses how to optimize the allocation of scarce resources for decision making in businesses and other management units. The three fundamental economic questions are what to produce, how to produce, and for whom to produce. Managerial Economics principles include optimization and equilibrium. It is related to Microeconomics through its focus on demand, production, cost, and equilibrium at the level of individual firms and consumers.

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    Managerial Economics is the application of economic theory and methodology to managerial decision making. It addresses how to optimize the allocation of scarce resources for decision making in businesses and other management units. The three fundamental economic questions are what to produce, how to produce, and for whom to produce. Managerial Economics principles include optimization and equilibrium. It is related to Microeconomics through its focus on demand, production, cost, and equilibrium at the level of individual firms and consumers.

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    © All Rights Reserved
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    6 views1 page

    ManEcon Mod12 Assessment

    Uploaded by

    Ben Tennyson
    Managerial Economics is the application of economic theory and methodology to managerial decision making. It addresses how to optimize the allocation of scarce resources for decision making in businesses and other management units. The three fundamental economic questions are what to produce, how to produce, and for whom to produce. Managerial Economics principles include optimization and equilibrium. It is related to Microeconomics through its focus on demand, production, cost, and equilibrium at the level of individual firms and consumers.

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    © All Rights Reserved
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    SORSOGON STATE UNIVERSITY

    Sorsogon City Campus


    Education, Accountancy & Entrepreneurship Department

    MANAGERIAL ECONOMICS
    Modules 1 & 2 Assessment

    Name: Program/Section:

    Answer the following statements in not more than 5 sentences each.

    1. Define Managerial Economics.


    2. What are the three fundamental economic questions? Explain each briefly.
    3. What are the principles of Managerial Economics?
    4. Relate Managerial Economics with Microeconomics.
    5. Cite at least 5 roles of a managerial economist.
    6. What are the main objectives of demand analysis?
    7. In your own words, explain the Law of Demand.
    8. Contrast income effect and substitution effect.
    9. What are the main types of Elasticity of Demand? Explain briefly.
    10. Name at least 5 importance of elasticity. Explain briefly.

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