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The Management Economics Assignment

   

Added on  2020-10-04

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MANAGEMENT ECONOMICS
The Management Economics Assignment_1

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INTRODUCTIONEconomics is analysing how the companies and customers are taking a decision and assignresources (Anderson, 2013). The management economics is helping us comprehend thechanges in the worldwide economy alongside with government policies. Both short andlong-term phases of demand and supply must be taken into consideration by managers.PART AQ1For a company to become successful their managers must understand how the demand andsupply is working and correctly allocate their resources and price their productaccordingly. A sound management economic system must be used for this type of analysisto establish the demand and supply of services and goods ( Bloom and Van Reenen,2010).The manager must make the correct decision relating control of product price andservices. The law of demand states that if the price for a product goes up de demand for itwill go down and viceversa.It is very essential for managers to study the relationship between demand and supply.Managers is known as the individual who take important decision and allocate the company’sresources which directly affect the success and failure of a business. Toyota can be one of theexample whose demand of cars has been decreased by 2% when company increase prices of itscars. Q.2A).1. Qd = 3000-10 P 0 = 3000 -10 P10 P = 3000 P=3000/10=300 B).Qs = -1000+ 10 P 0 = -1000+ 10 P -10P = -1000 1
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P=-1000/-10=100C).Qs and Qd has don’t have meaning if negative Scale the Y-axis from 0 -2,000 to 3,000 or 4,000 None are negative values of P of interest. Scale the X-axis from 0 to 300-400 Plot 2 points from each equation and draw a straight line between them. D).2
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