ECO404 MIDTERM SOLVED PAPERS
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The heart of Managerial economics is the microeconomic theory. Much of this theory was formalized in a textbook written more than 100 years ago by Professor Alfred Marshall of Ambridge University. The world has changed a great deal since Marshall’s ideas were developed. Yet, basic microeconomic principles such as supply and demand, elasticity, short-run and long-run shifts in resource allocation, diminishing returns, economies of scale, and pricing according to marginal revenue and marginal cost continue to be important tools of analysis for managerial decision makers.
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Economics is divided into two broad categories: Micro and Macro. Microeconomics is the study of the economic behavior of individual decision-making units. It has great relevance to Managerial Economics. On the other hand, Macroeconomics is the study of the total or aggregate level of output, income, employment, consumption, investment, and prices for the economy viewed as a whole. In economics, the key term is Scarcity.
ECO404 MIDTERM SOLVED PAPERS:
Services involve doing something for customers but not producing goods. is scarcely available. Economic systems: In the presence of a limited supply relative to demand, countries must decide how to allocate their
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This decision is central to the study of economics: What to produce. How to produce. And for whom to produce? These are the well-known what, how, and for whom questions found in the introductory chapter
of all economics textbooks.