Author Question: Managerial economics is best defined as A) the study of economics by managers. B) the study of ... (Read 152 times)

armygirl · **on:** Jul 1, 2018

Managerial economics is best defined as

A) the study of economics by managers.
B) the study of the aggregate economic activity.
C) the study of how managers make decisions about the use of scarce resources.
D) All of the above are good definitions.

Question 2

If the market demand elasticity is constant at -3 and a monopolist's MPL = 1.2L-0.5, then the labor demand for the monopoly is

A) 0.8PL-0.5.
B) 0.4PL-0.5.
C) 0.8PL-2.
D) 0.4PL-2.