The process of planning, organizing, leading and controlling the resources of an organization to reach its goals efficiently and effectively.

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The underlying goal of the organizations in the study of managerial economics.

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Two elements that managerial economics provides to enhance managerial decision-making processes.

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Two decision science tools which are used in solving managerial decision problems along with economic theories.

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This theory was based on the assumption that the goal or objective of the firm is to maximize current or short-term profit or to maximize the wealth of the value of the firm.

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This theory is the extent to which an event is likely to occur, measured by the ratio of the favorable cases to the whole number of cases possible.

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Economic approach that the purpose of managerial economics is to apply economics for the improvement of managerial decisions in an organization.

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Approach in economics is essential for understanding the behavior of atomic entities in an economic.

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provides measures and theories to understand the overall systematic behavior of an economy.

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The study of choice related to the allocation of scarce resources.

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Q = f(P, Y, Pc, Ps) is an equation or mathematical model which is an example of what kind of decision science tool?

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This concept tells us that a sum of money is worth more now than the same sum will be at a future date due to its earnings potential in the interim.

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Under the Time Value of Money framework, this concept aids us in deciding the viability of accepting or rejecting a particular project.

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It is defined as the difference between what the organizations acquire and what they produce.

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A situational decision which involves giving up of one thing in return for another design with the aim of receiving gains or benefits in other aspects.

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Defined as the value of the next best alternative that is forgone.

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A advantage do managers who possess a deep understanding of economics have over their counterparts who lack such knowledge.

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FORMULA OF A STREAM

Approaches the same phenomena at an aggregate level, for example, the total consumption and production of a region

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A pattern generally followed by demand curve whereby increases in price result in decreases in the maximum quantity that can be sold and vice versa.

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In measuring costs from an economic perspective, ignoring sunk costs and including opportunity costs, what criteria determine whether a venture is worth pursuing?

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Assuming that an item will be sold for P5.00 each, calculate the equation, not formula, for the revenue function?

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A measure which analyze relationship like revenue functions from the perspective of how function changes in response to a small change in the quantity.

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What is the demand equation for a linear demand curve?

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Economists refer to this measure as the collective value of all economic profits into the future and approximately the amount the owners should expect to receive if they sold the business to a different set of owners.

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In a demand curve equation, it indicates change in quantity demanded for every one-unit change in price.

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In analyzing the impact of pricing and determine the best price point, what term is used to describe the correlation between the price set and the maximum quantity of units that can be sold?

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States that if the selling price per unit is at least as large as the average variable cost per unit, the firm should continue to operate for at least a while; otherwise, the firm would be better to shut down operations immediately.

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Assuming that the cost function for this venture has two components: the fixed cost component of P50,000 and the variable cost component of P1.50 per items. Calculate the equation, not formula, for the cost function.

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The volume level that separates the range with economic loss from the range with economic profit.

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In a demand curve equation, it represents the quantity demanded when the price is zero.

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A Latin phrase which means other things being equal, or other things held equal.

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Money that has been spent in the past and should not be taken into account in the current decision.

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The relationship between the volume or quantity created and sold and the resulting impact on revenue, cost, and profit.

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The sum of variable cost, fixed cost, and the value of the next best alternative use of the money involved in a business.

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A mathematical equation that expresses the relationship between a firm’s profit and the quantity of goods or services it produces and sells (Q). The general form of this mathematical equation is written as д = TR(Q) - TC(Q).

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The relationship between the price charged and the maximum unit of quantity that could be sold.

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The relationship between average cost and quantity.

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Under the principle of "shutdown rule", the firm should continue to operate if the selling price per unit is at least as large as the variable cost per unit. True or false?

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Costs that are ignored in the computation of accounting profit and economic profit.

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The value of the next best alternative forgone.

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Refers to the connection and dependencies between different measures.

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The difference between the price per unit and the variable cost per unit (Price per unit minus Variable cost per unit).

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The total monetary value of the goods or services that a business sells.

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It is arrived at by dividing the change in total revenue by the change in quantity.

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Refers to the quantifiable metrics that are used to assess and analyze the performance, efficiency, and profitability of a business or decision.

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Study of measurements used by different fields of study. In economics, they are called mathematrical economics, econometrics, etc.

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A mathematical equation that expresses the relationship between a firm’s toral revenue (TR) and the quantity of goods and services it sells (Q). It shows how revenue changes as the level of output or sales changes. (General Form: TR = P * Q)

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A mathematical equation that expresses the relationship between a firm’s total cost (TC) andd the quantity of goods and services it produces (Q). It show how costs change as the level of output changes. (General Form: TC = FC + VC(Q)

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The collective expenses incurred to generate revenue over a period of time, expressed in terms of monetary value.

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Expenses that change as the the volume of sales changes.

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Expenses that remain the same regardless of the volume of sales or that remain the same within a certain range of sales volumes.

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The difference between revenue and cost when revenue exceeds the cost incurred in operating the business.

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The difference between revenue and cost when the cost incurred in operating the business exceeds revenue.

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The sum of variable cost and fixed cost.

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The difference between revenue and accounting costs.

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The difference between revenue and economic costs.

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A greater tendency to continue and endeavor once an investment in money, effort, or time has been made.

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Someone who makes decision for one’s self and household. (Facilitated by purchase of goods and services).

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The consumer’s response to a change in the price of goods that restores the ratios of marginal utility to price for two goods to a state balance.

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The hypothetical quantitative value for satisfaction that a consumer receives from a pattern of consumption.

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The increase in satisfaction that results from a consumer receiving one more unit of some goods and services.

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A good or services for which consumption may increase in response to a price increase or decrease in response to a price decrease.

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Arguments that approximate the Theory of the Consumer

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The tendency fo human to behave rationality within a limited range of options.

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The tendency for people to work to meet a certain level of consumption satisfaction rather than to achieve the very best, or optional, pattern of consumption.

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The composition of a business’s decisions about price, promotional activities, locations, and sales channels, all of which needs to be consistent in order to be effective.

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In 4ps MARKETING MIX WHAT IS THE MOST IMPORTANT

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Consumption of some goods and services can necessitate greater consumption of other goods and services.

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Goods that adds value to another good when they are consumed together. Example: Coffee and Sugar

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The consumer's response to a change in the price of a good that restores the ratios of marginal utility to price for two goods to a state of balance.

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the price per month of their service, in dollars

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advertising expenditure per months, in dollars

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the price per month of the competitor’s service, in dollars

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the disposable income per capital, in dollars, as measured by the US Department of Commerce for that month

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provides insights into future consumer behavior, allowing businesses to make informed decisions about production, inventory, pricing and marketing strategies.

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because idle resources have an opportunity cost but do not contribute to sales or revenue, especially when the unused resources spoil and cannot be used at a later time.

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Whenever the price elasticity is more negative than –1¹. In this category, the percentage change in quantity will be greater than the percen

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Small price changes lead to large Qd changes.

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Large price changes lead to small Qd changes.

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A consumer decision is considered short run when her consumption will occur soon enough to be constrained by existing household assets, personal commitments, and know-how.

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Decisions affecting consumption far enough into the future so that any such adjustments can be made. Given sufficient time to remove these constraints, the consumer can change her consumption patterns and make additional improvements in the utility of consumption.

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the term for charging different prices to different customers

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This happens when businesses that sell a product that is in demand with no good substitute available will begin selling at a very high price that is attractive to relatively few consumers and then will drop the price somewhat and attract purchases from another group that was willing pay slightly less than the first group

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A measure of elasticity of demand where quantity demanded changes proportionally by the same amount as the price.

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The change in the mix of goods and services that consumers can afford (that is, the change in wealth or purchasing power) when the price of a good changes.

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An attempt by the seller to leave the price unannounced in advance and charge each customer the highest price they would be willing to pay for the purchase.

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The ratio of the percentage change in demand to the percentage change in a determinant factor, such as price.

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Posits that a consumer plans the purchase, the timing of those purchases, and borrowing and saving so as to maximize satisfaction.

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Regarded as the key determinant of demand in consumer theory

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The differential pricing to different groups of customers.

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The response of demand to changes in income, the percentage change in demand in response to the percentage change in income

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The tendency for human to behave rationality within a limited range of options. (Must be complete)

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Responsiveness or sensitivity of demand to changes in the price of the good or service being consumed, the ratio of the percentage change in quantity to the percentage change in price.

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A customary arrangement when goods and services are sold according to a preannounced price where multiple items are charged for the price times the number of items.

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Businesses can create alternative pricing methods that distinguish high-volume buyers from low-volume buyers.

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When calculating this value, it means result is always non-negative (positive or zero).

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Its purpose is to apply economics for the enhancement of managerial decisions in an organization.

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In elasticity of demand, it measures how responsive quantity demanded is to change in price, that is, small price changes lead to large quantity demanded changes.

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This is arrived at by dividing the income by the price of the goods or services

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The tendency for people to work to meet a certain level of consumption satisfaction rather than to achieve the very best, or optional, pattern of consumption.

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Goods that serve the same purpose as another goods for consumer.

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An act relevant to demand and pricing that individuals make once they have all the information related to the decision topic.

(a)  

What does a firm maximizesby creating gap between revenue and costs

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The study of the production, distribution, and consumption of goods and services.

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