It focuses on measuring the sensitivity of demand to changes in a range of important factors.

This is where the decisions started and identifying the context has became a norm.

It is where we set to understand how markets operate including the ability to make predictions about cause-and-effect relationship before making a decision.

It is a measure of responsiveness used in demand analysis and as the percentage change in a dependent variable, Y, resulting from a percentage of change in the value of an independent variable, X.

It is an economic concepts that measures the responsiveness of one variable to changes in another variable.

Statement 1: When total costs rise more than total benefits, then the action is logical.

Statement 2: When total benefits rise more than total costs, then the action is illogical.

Illustration 1: Marginal Benefit = P95 > Marginal Costs = P50 YOU SHOULD BUY!

Illustration 2: Marginal Benefit = P65 > Marginal Costs = P50 YOU SHOULD BUY!

Illustration 1: Marginal Benefit = P45 < Marginal Costs = P50 YOU SHOULD BUY!

Illustration 2: Marginal Benefit = P85 > Marginal Costs = P50 YOU SHOULD BUY!

It is one in which the change in quantity demanded due to a change in price is small.

It is one in which the change in quantity demanded due to a change in price is equal to one.

It is one in which the change in quantity demanded due to a change in price is large.

It is the terms that refers to the behavior of customers as they interact with one another in competitive markets.

It is a quantitative forecasting tool you can use to predict trends in competitive markets including:

a. Prices of firms product

b. Price of related products in the market

c. Price of Inputs

This decision refers to the preferred course of action after enumerating stated alternatives and predicting consequences of such.

It is the primary tool used to determine the magnitude of a change.

These are the group of sellers and buyers of a particular product or service.

They determine the demand for the product.

They determine the supply of the product.

This is done to solve the problem and it is important to understand and be able to explain to others the "why" of your decision.

It is the term used by economist to describe a market with many buyers and sellers that has impact on market place whereas price are determine by all buyers and sellers who interact in the market.

In this competition, products or services offered for sale are all exactly the same and there were several buyers and sellers in the market that no single buyer or seller has any influence over the market price.

In this competition, many buyers and sellers trade over a range or prices.

In this competition, few sellers who are sensitive to each other's pricing or marketing strategies.

Statement 1: It is easy to find product alternatives when the product price decreases, then, the demand will be more elastic.

Statement 2: It is not easy to find product alternatives when the product price decreases, then, the demand will be more elastic.

Statement 1: The greater necessity of the product, the less elastic or more inelastic because the substitutes are limited.

Statement 2: The more luxurious a product is, the more elastic demand will be.

Statement 1: The larger the share of an item in one's budget, the more price elastic demand is likely to be.

Statement 2: The lesser the share of an item in one's budget, the more price elastic demand is likely to be.

It is a quantity of a good or service that customers are willing and able to purchase during a specified period under a given set of economic condition.

The Law of Demand

It is a function that describes how much of a good will be purchased at alternative prices of that good and related goods, alternative income levels, and alternative values of other variables affecting demand.

It is the total quantity offered for sale under various market conditions.

It indicates the total quantity of a good that all producers in a competitive market would produce at each price, holding input prices, technology, and other variables affecting supply constant.

Statement 1: The producers are willing to produce more output when the price is high than when it is low.

Statement 2: The producers are willing to produce more output when the price is low than when it is high.

The Law of Supply

"As the price of a good rises (falls) and all other things remain constant, the quantity supplied of the good rises (falls)

Statement 1: The change in supply results by the change of one or more variables other than the price.

Statement 2: The position of the entire supply curve shifts either an increase in supply (producers sell more output at each given price) or a decrease in supply (producers sell less).

Gasoline from a particular station.

Medical Procedures.

An Elasticity Concept is Whether

A. It is positive or negative.

B. It is greater than 1 or less than 1 in absolute value.

It refers to the extreme case in which the quantity demanded (Qd) increases by an infinite amount in response to any decrease in price at all.

This is the case with life-saving prescription drugs.

A drop of price of one good will lead to an increase in the qty demanded of other good.

A drop of price of one good will cause people to look for alternate toward that good.

It is a function that describes how much the supply of a good can be produced at alternative prices of that good, alternative inpute prices, and alternative values of other variables affecting supply.

It refers as the study of the movements from one equilibrium to another.

It is the percentage of change in quantity demanded by the percentage change in income.

It refers to the effect on sales of a change in price, holding constant the effects of all other demand-determining factors.

It is the curve indicating the total quantity of a good all consumers are willing and able to purchase at each possible price, holding the prices of related goods, income, advertising, and other variables constant.

It is the process of breaking down a decision into a series of 'yes or no' decisions.

Optimal managerial decisions involve comparing the marginal benefits of a decision with the marginal costs.

Answer the Q1 for MB, MC, and MNB.

Answer the Q2 fro MB, MC, and MNB.

Answer the Q3 for MB, MC, MNB.

Answer the Q4 for MB, MC, and MNB.

Answer Q5 for MB, MC, and MNB.

Answer Q6 for MB, MC, and MNB.

Answer the Q7 for MB, MC, and MNB.

Answer the Q8 for MB, MC, and MNB.

Answer Q9 for MB, MC, and MNB.

Answer the Q10 for MB, MC, and MNB.

An economic consultant for Pharmalleey Corporation recently provided the firm's marketing manager with this estimate of the demand function for the firm's product:

Qdx = 20,000 -5Px + 6Py - 2M + 3Ax

Suppose that good X sells for P200 per unit, goo Y sells for P40 per unit, the company utilizes 1,000 units of advertising and consumer income is P10,000. How much of good X do consumers purchase?

Your marketing team estimates that the supply function for RTW clothes is given by

QSx = 7,000 + 4Px - 6Pr - 2Pw

Let's say, brand new clothes are sold P2,300 per bundle, and Ukay clothes are sold for P1,800 per bundle, and the price of input is P800. How many RTW bundles are produced?

It is an investigation of the allied costs and potential benefits of specific business events or financial decisions.