This document provides an introduction to managerial economics and financial analysis. It defines key terms like management, economics, microeconomics, and macroeconomics. It also discusses the scope of managerial economics, including how it relates to other business disciplines. The document then covers various concepts in demand including the law of demand, demand schedules, price demand, income demand, and cross demand. It provides examples and formulas for different types of demand. Finally, it discusses elasticity of demand including definitions of price elasticity, income elasticity, and cross elasticity as well as factors that influence elasticity.
To develop the candidate understands and ability to apply, analyzes, and interprets the fundamental principles of economics in relation to the business environment both in the domestic and global economies.
Advanced Financial Accounting 12th Edition Christensen Test Bankvajanefa
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Advanced Financial Accounting 12th Edition Christensen Test Bank
UNIT-I:
Principles of Demand and Supply — Supply Curves of Firms — Elasticity of Supply;
Demand Curves of Households — Elasticity of Demand; Equilibrium and
Comparative Statics (Shift of a Curve and Movement along the Curve); Welfare
Analysis — Consumers’ and Producers’ Surplus — Price Ceilings and Price Floors
To develop the candidate understands and ability to apply, analyzes, and interprets the fundamental principles of economics in relation to the business environment both in the domestic and global economies.
Advanced Financial Accounting 12th Edition Christensen Test Bankvajanefa
Full download http://alibabadownload.com/product/advanced-financial-accounting-12th-edition-christensen-test-bank/
Advanced Financial Accounting 12th Edition Christensen Test Bank
UNIT-I:
Principles of Demand and Supply — Supply Curves of Firms — Elasticity of Supply;
Demand Curves of Households — Elasticity of Demand; Equilibrium and
Comparative Statics (Shift of a Curve and Movement along the Curve); Welfare
Analysis — Consumers’ and Producers’ Surplus — Price Ceilings and Price Floors
The law of demand expresses the functional relationship between price and quantity demanded.
Assumption of ‘ Ceteris Paribus’. A hypothetical assumption
If price of a commodity falls, the quantity demanded of it will rise and vice versa.
Inverse relationship between price and quantity
Other factors also play an important role.
Real world variables.
The indifference curve analysis has also been used to explain producer’s equilibrium, the problems of exchange, rationing, taxation, supply of labour, welfare economics and a host of other problems. Some of the important problems are explained below with the help of this technique.
(1) The Problem of Exchange:
With the help of indifference curve technique the problem of exchange between two individuals can be discussed. We take two consumers A and В who possess two goods X and Y in fixed quantities respectively. The problem is how can they exchange the goods possessed by each other. This can be solved by constructing an Edgeworth-Bowley box diagram on the basis of their preference maps and the given supplies of goods.
Economics: The branch of knowledge concerned with the production, consumption, and transfer of wealth. It is the study of to use scarce resources that have alternate uses to satisfy desires that are unlimited and of varying importance.
In this slid show, we will discuss about different aspects of demand theory. It contains definition, types, determinants, law , different elasticity of demand and measurements of demand. This will be helpful to students of MBS program and others.
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The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
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June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
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The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
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Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
Embracing GenAI - A Strategic ImperativePeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
1. 1
Mr. R S Ch Murthy Chodisetty
M.Com., MBA (HR)., MBA (FIN)., (PhD).
Faculty of Management, Sreenidhi Institute of Science and Technology,
Hyderabad, Telangana.
1
3. 3
Introduction to Management
Management is science and art of getting things done through people
formally organized groups.
According to lousis allen Management is “what managers do” is called
management.
4. 4
Introduction to Economics
® It’s a study of human activity both at Individual & National level
® It’s also called as “Science of wealth”
® Its satisfying human needs such as food, clothing and shelter
5. 5
Definition of Economics:
According to Adam smith- Economics as the “study of nature and uses of
national wealth”
According to A. Marshal- Economics is a “study of man’s actions in the
ordinary business life, its enquires how he gets his income and how he uses
it”.
According to Robbins- “Economics as the science which studies human
behavior as a relationship b/w ends and scarce means which have
alternative uses”.
6. 6
Types of Economics:
Micro Economics
® The study of individual consumer or a firm is called micro economics
® It is also called as “Theory of firm”.
® It deals with behavior & Problems of individual persons & small
organizations
® Its includes price theory, law of demand and theory of market
7. 7
Types of Economics:
Macro Economics
® Its means the study of aggregate or total level of economic activities in a
country
® It studies flow of economic resource or factors of production
® Factors of production includes L,L,C,O,T
® Its capital structure
8. 8
Scope of Managerial Economics:
Concepts
& Techniques
of ME
Optimum
solutions
Managerial decisions areas
® Production
® Reduction or control of costs
® Price of a product
® Make or buy decisions
® Inventory decisions
® Capital management
® Profit planning Management
® Investment decisions
9. 9
Main areas of Economics:
® Demand decisions
® Input-Output decisions
® Price-Output decisions
® Profit related decisions
® Investment decisions
® Forecasting & Forward decisions
10. 10
Linkages with other discipline of Economics:
® Operation research
® Mathematics
® Statistics
® Accountancy
® Psychology
® HRM
® Organizational behavior
11. 11
Nature of Managerial Economics:
Economic
Theory
Decision
Science
ME
Solutions
To Business
Problems
12. 12
Role of Managerial Economics:
® Objectives of the firm
® Allocation of resources
® Demand analysis and forecasting
® Competitive analysis
® Strategic planning
® Production planning
® Cost analysis
® Pricing strategies
® Market structure analysis
® Capital budgeting decisions
® Marketing strategies
® Achieving economic scale
13. 13
Introduction to Demand :
® Asking with authority
® Popularity
® Good will of a product
® Claim
® Need
® Want
® Request
® Call for authority
14. 14
Definition of Demand :
® Consumer’s desire to purchase the product
® Consumer’s willingness to purchase the product
® Sufficient purchasing power or ability to pay
15. 15
Types of Demand :
Individual Demand
when demand arises from an individual consumer, it is called as individual
demand. Individual consumers usually demand for product like clothes, foot
wares
House hold Demand
when demand arises from a house hold, it is called house hold demand,
house hold demand generally demand for refrigerator, TV, washing machine
Market Demand
when demand arises of all individual and house hold for a product in given
a market is considered, it is called market demand.
16. 16
Types of Demand :
1.Individual function
Qx = f {Px, I, P1…Pn, T, A, Ep, Ei, U}
Qx = Quantity demanded of the commodity ‘X’
Px = Price of the commodity
I = Consumer’s income
P1..Pn = Prices of the other related goods
T = Consumer’s tastes and preferences
A = Advertisement
Ep = Consumer’s expectations about future prices
Ei = Consumer’s expectations about future income
U = Other determinants
F = Function
17. 17
Types of Demand :
2. Market function
Qx = f {Px, I, P1…Pn, T, A, Ep, Ei, U}
Qx = Quantity demanded of the commodity ‘X’
Px = Price of the commodity
I = Consumer’s income
P1..Pn = Prices of the other related goods
T = Consumer’s tastes and preferences
A = Advertisement
Ep = Consumer’s expectations about future prices
Ei = Consumer’s expectations about future income
P = Population or market size
D = Distribution or the consumers in the market according to income,
age, demand etc
U = Other determinants
F = Function
18. 18
Law of Demand:
The law of demand states that a consumer’s behavior, in demanding a
commodity in relation to the variations in its prices”.
Other things remaining the same, the amount of the quantity demanded
arises with every fall in the prices and vice versa.”
The law of demand states that other things remaining constant, the higher
the price of the commodity, the lower is the demand and low the price,
higher is the quantity demanded.
20. 20
Assumptions of Law of Demand :
® The law of demand states that a consumer’s behavior, in demanding a
commodity in relation to the variations in its prices”.
® Other things remaining the same, the amount of the quantity demanded
arises with every fall in the prices and vice versa.”
® The law of demand states that other things remaining constant, the higher
the price of the commodity, the lower is the demand and low the price,
higher is the quantity demanded.
21. 21
Exceptions Law of Demand:
® Giffen goods or Giffen paradox
® Goods of status
® Future prices of goods
® Ignorance effect
® War or emergency
22. 22
Demand schedule :
A demand schedule is a tabular presentation of the relationship between
the amount demanded of a commodities and different price levels of that
commodity.
In other words demand schedule is a tabular statement of price and
quantity relationship.
Price of the
Commodity (Y)
Demand of a
Commodity (X)
5 15
8 14
10 12
12 10
15 8
20 5
23. 23
Types of Demand (General) :
Price Demand
It shows the inverse relationship b/w the prices of a commodity and its demand
of a commodity. That means other things being constant if price fall demand
extends, and if price rises demand contracts.
Income Demand
It shows the functional relationship b/w income of a consumer and quantity
demand when other factors are constant. That means when other things constant
if the income of consumer increases the quantity demand also increase and if
income decreases the quantity demand falls
Cross Demand
Substitute goods : the goods satisfy the same want are called substitute goods. Eg.
Coffee and Tea
Complementary Goods : The goods required at the same time to satisfy a want are
called complementary goods. Eg. Car and petrol
25. 25
Elasticity of Demand
According to Dr. Marshall – Elasticity demand means the degree of
responsiveness of demand or the sensitiveness of demand to change in
price.
The concept of Elasticity of demand explain How much demand increases
due to a certain fall in price and How much demand decreases due to a
certain rise in the price.
The term Elasticity is defined as the rate of responsiveness in the demand
of a commodity for a given change in price or any other determinants of
demand.
27. 27
Types of Elasticity of Demand
® Price Elasticity Demand
® Income Elasticity Demand
® Cross Elasticity Demand
28. 28
Importance of price elastic demand
® Importance to Monopolistic
® Importance to finance manager/minister
® Importance to international trade
® Help full to decision making process
29. 29
Measurement of price elastic demand
® Perfect elastic demand
® Perfect in elastic demand
® Relatively elastic demand
® Relatively in elastic demand
® Unitary elastic demand
30. 30
Types of price elastic demand-Tabular format.
Numerical
Measures
Types of elasticity Relationship of demand with the price
1. Ed = Perfectly elastic demand Increase or decrease in demand to any extent
irrespective of change in price.
Eg. Imaginary
2.Ed=0 Perfectly inelastic demand Demand does not change with the change in
price.
Eg. Salt
3.Ed>1 Relative elastic demand Percentage change in demand more then
percentage change in price.
Eg. Petrol
4.Ed<1 Relative inelastic demand Percentage change in demand is lesser than the
percentage change in price.
Eg. Sugar
5.Ed=1 Unitary elastic demand Percentage change in demand is equal to
percentage change in price.
Eg. Cloth
31. 31
Perfect elastic demand ( Ep=Infinity)
If a negligible change in price leads to an infinitive change in demand is
said to be perfectly elastic demand. The infinity elastic demand curve is a
horizontal straight line to X axis.
32. 32
Perfect inelastic demand ( Ep=0)
Even a great rise or fall in price does not lead and change in quantity
demand is known as perfectly in elastic demand.
33. 33
Relatively elastic demand (Ep >1)
When a proportionate change in price leads to a more then proportionate
change in quantity demand is called relatively elastic demand
34. 34
Relatively inelastic demand (Ep <1)
When a proportionate change in price leads to a less then proportionate
change in quantity demand is called relatively inelastic demand
35. 35
Unitary elastic demand (Ep=1)
If the proportionate change in price leads to the same proportionate
change in quantity demand is called unitary elastic demand
36. 36
Significance of Elastic demand
® Prices of factors of production
® Price fixation
® Govt. policies
® Forecasting demand
® Planning the level of output and price
37. 37
Factors governing elasticity of demand
® Nature of product
® Time frame
® Degree of postponement
® Number of alternative uses
® Tastes and preferences of the consumer
® Availability of substitutes
® Complementary products
® Expectation of price
® Durability of the product
® Govt. policies
38. 38
Determinants of Elastic demand
® Availability of substitutes
® Nature of commodity
® Proportion of income spent
® Time factor
® Range of alternative uses of commodity
® Habit
39. 39
Importance of Elasticity of Demand
® Finance minister
® Monopolist
® Terms of Trade
® Determination of wages
® Price under discriminating monopoly
40. 40
Demand forecasting
The importance of demand forecasting is paramount when either
production or demand is uncertain.
When the supply is not in accordance with the demand, it results in the
development of black market or excessive prices.
The results of demand forecasting guide the entrepreneur to set up their
business or industrial activities accordingly
41. 41
Factors affecting Demand forecasting
® Nature of demand
® Types of forecasting
® Forecasting level
® Degree of orientation
® Introduce new products
® Nature of goods
® Degree of competition
® Market demand