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PeacockBooks 2. Presenting the essentials of managerial economics in an accessible style, this book uniquely integrates the discipline to other managerial functions - including accounting, finance, human resource management, and marketing. Managerial Economics teaches students how to make better business decisions, not how to build models.

Managerial Economics - Quick Guide

Graham Paperback, Be the first to write a review About this product. All listings for this product Buy it now Buy it now. Any condition Any condition. See all People who bought this also bought. About this product Product Information Helps you make sense of complex business concepts and explains to you in plain English how Managerial Economics enhances analytical skills, assists in rational configuration, and aids in problem-solving. Additional Product Features Author s. Show more Show less. No ratings or reviews yet. Be the first to write a review. Shifts in the demand curve imply that the original demand relationship has changed, meaning that quantity demand is affected by a factor other than price.

A shift in the demand relationship would occur if, for instance, beer suddenly became the only type of alcohol available for consumption.

Managerial Economics − Definition

Like a shift in the demand curve, a shift in the supply curve implies that the original supply curve has changed, meaning that the quantity supplied is effected by a factor other than price. A shift in the supply curve would occur if, for instance, a natural disaster caused a mass shortage of hops; beer manufacturers would be forced to supply less beer for the same price.

Also called a market-clearing price, the equilibrium price is the price at which the producer can sell all the units he wants to produce and the buyer can buy all the units he wants. At any given point in time, the supply of a good brought to market is fixed. In other words the supply curve in this case is a vertical line, while the demand curve is always downward sloping due to the law of diminishing marginal utility.

Sellers can charge no more than the market will bear based on consumer demand at that point in time. Over time however, suppliers can increase or decrease the quantity they supply to the market based on the price they expect to be able to charge.

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  6. So over time the supply curve slopes upward; the more suppliers expect to be able to charge, the more they will be willing to produce and bring to market. With an upward sloping supply curve and a downward sloping demand curve it is easy to visualize that at some point the two will intersect.

    At this point, the market price is sufficient to induce suppliers to bring to market that same quantity of goods that consumers will be willing to pay for at that price. Supply and demand are balanced, or in equilibrium. The precise price and quantity where this occurs depends on the shape and position of the respective supply and demand curves, each of which can be influenced by a number of factors.

    Production capacity, production costs such as labor and materials, and the number of competitors directly affect how much supply businesses can create.

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    Ancillary factors such as material availability, weather, and the reliability of supply chains also can affect supply. The number of available substitutes, consumer preferences, and the shifts in the price of complementary products affect demand. For example, if the price of video game consoles drops, the demand for games for that console may increase as more people buy the console and want games for it.

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