logo image

Managerial Economics

Managerial Economics Introduction Economic principles inform good business decision making. Although economics is sometimes dismissed as a discourse of practical relevance to only a relatively small circle of academicians and policy analysts who call themselves economists, sound economic reasoning benefits any manager of a business, whether they are involved with production/operations, marketing, finance, or corporate strategy.

Along with enhancing decision making, the field of economics provides a common language and remark for comprehending and communicating phenomena that occur within a business, as well as between a business and its environment. Definition Managerial economics is a social science discipline that combines the economics theory, concepts and known business practices in order to make the process of decision making easy. It is a very useful concept for every manager that is planning for the future.

Most of the complex management decision facing a firm can be broken down in a series of logical solutions. A key area of managerial economics is the theory of a firm that entails the best mix of the scarce resources to maximize profits within the firm. Marginal benefits and cost analysis is also another broad area in managerial economics. Managerial economics can be viewed by most modern economists as

Need essay sample on "Managerial Economics"? We will write a custom essay sample specifically for you for only $ 13.90/page

a practical application of economics theory in using effectively the firm’s scarce resources.

Oppose of Managerial Economics 0 Use the theory of the firm to model business organizations 0 Apply demand theory o establish the elasticity of demand 0 Use demand estimation to forecast demand trends and change 0 Apply production theory to manage production 0 Use cost theory to establish short and long run behavior 0 Describe market structures to establish market equilibrium 0 Use game theory to decide on strategies 0 Use pricing strategies to enable organizational coherence 0 Carry out investment analyses to manage assets and capital 0 Use macroeconomic principles to address market failures By tangentially

Can’t wait to take that assignment burden offyour shoulders?

Let us know what it is and we will show you how it can be done!
Sorry, but copying text is forbidden on this website. If you need this or any other sample, please register

Already on Businessays? Login here

No, thanks. I prefer suffering on my own
Sorry, but copying text is forbidden on this website. If you need this or any other sample register now and get a free access to all papers, carefully proofread and edited by our experts.
Sign in / Sign up
No, thanks. I prefer suffering on my own
Not quite the topic you need?
We would be happy to write it
Join and witness the magic
Service Open At All Times
Complete Buyer Protection
Plagiarism-Free Writing

Emily from Businessays

Hi there, would you like to get such a paper? How about receiving a customized one? Check it out https://goo.gl/chNgQy