Law of Diminishing Marginal Utility
“Other things remaining the same when a person takes successive units of a commodity, the marginal utility diminishes constantly”. The marginal utility of a commodity diminishes at the consumer gets […]
Equi Marginal Principal
The Law of Equi-Marginal Utility is an extension to the law of diminishing marginal utility. The principle of equi-marginal utility explains the behavior of a consumer in distributing his limited […]
Cardinal and Ordinal Approaches to Consumer Behaviour
The utility is a psychological phenomenon; that implies the satisfying power of a good or service. It differs from person to person, as it depends on a person’s mental attitude. […]
Incremental Concept
The incremental concept is closely related to the marginal costs and marginal revenues of economic theory. Incremental concept in managerial economics involves two important activities which are as follows: Estimating the impact of decision […]
Production Possibility Curve
The production possibility curve represents graphically alternative production possibilities open to an economy. The productive resources of the community can be used for the production of various alternative goods. But […]
Opportunity cost Principle
Opportunity costs are cash outflows prevented by taking one course of action instead of another. They include returns, which the entrepreneur could have earned in alternative use of his services […]
Role of Managerial Economics in Decision Making
Business firms are a combination of manpower, financial, and physical resources which help in making managerial decisions. Societies can be classified into two main categories − production and consumption. Firms […]
Managerial Economics and relationship with other Disciplines
Many new subjects have evolved in recent years due to the interaction among basic disciplines. While there are many such new subjects in natural and social sciences, managerial economics can […]
Nature, Scope and Significance of Managerial Economics
Managerial economics is a discipline which deals with the application of economic theory to business management. It deals with the use of economic concepts and principles of business decision making. […]
SCM: Introduction, Concept
Supply Chain Management can be defined as the management of flow of products and services, which begins from the origin of products and ends at the product’s consumption. It also […]
Customer focus and Distribution Management
Too often, distribution is the neglected side of marketing. Automobile companies, savvy in many aspects of strategy, have lost huge shares of the parts and service markets to NAPA, Midas, […]
SCM Technologies
Elements of a new business and technical architecture for SCM software have been emerging over the course of the past five years. This emerging architecture, shown in Figure 4 and […]
Internet enabled SCM
Internet Technology has impacted our day to day life beyond imagination. It has changed the way we make purchase decisions, the process by which we compare products and finally buy […]
E-Marketplaces
E-market place is a virtual online market platform where companies can register as buyers and sellers to conduct business to business transactions over the internet. The use of the internet […]
Online Auctions
An online auction is a service in which auction users or participants sell or bid for products or services via the Internet. Virtual auctions facilitate online activities between buyers and […]
Collaborative Planning, Forecasting and Replenishment (CPFR)
Ideally, the consumer-goods supply chain should function as a real-time information loop, in which consumer demand is captured at each Point of Sale (POS), projected accurately into the near term, […]
