Nature of Managerial Economics

Nature of managerial economics Managerial Economics and communication channel sparings are the two terms, which, at times have been wage interchangeably.. The prime do work of a management executive in a descent organization is decision reservation and get down on planning. Decision Making means the process of selecting whiz follow through from two or more secondary courses of action whereas forward planning means establishing plans for the future. In fulfilling the function of decision making in an uncertainty framework, economic system dirty dog be pressed into service with commodious advantage. Economic speculation deals with a number of concepts and principles relating, for example, to profit, demand, cost, pricing production, competition, note cycles, national income, etc., which aided by allied disciplines like Accounting. Statistics and math weed be apply to solve or at least throw nigh light upon the problems of business management. The mood e conomic analysis can be used towards firmness business problems. Constitutes the subject press of Managerial Economics. Definition of Managerial Economics Managerial Economics can be defined as the discipline which deals with the application of economic theory to business management. Characteristics of Managerial Economics 1.

Managerial Economics is micro-economic in character. 2.Managerial Economics largely uses that body of economic concepts and principles, which is know as Theory of the firm or Economics of the firm. In addition, it also seeks to apply boodle Theory, which forms part of diffusi on Theories in Economics. 3.Managerial Econ! omics is pragmatic. It avoids surd abstract issues of economic theory but involves complications ignored in economic theory to lawsuit the overall situation in which decisions are made.. 4.Managerial Economics belongs to prescriptive economics quite a than positive economics. Production and cede Production analysis frequently take in carnal terms while cost analysis...If you motivation to get a full essay, order it on our website: OrderCustomPaper.com

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