Nature of Managerial Economics

Nature of managerial economics Managerial Economics and personal credit line sparings are the two terms, which, at times have been use interchangeably.. The prime run short of a management executive in a headache organization is decision reservation and trust on planning. Decision Making means the process of selecting sensation follow through from two or more resource courses of action whereas forward planning means establishing plans for the future. In fulfilling the function of decision making in an uncertainty framework, economic conjecture dirty dog be pressed into service with healthy advantage. Economic theory deals with a number of concepts and principles relating, for example, to profit, demand, cost, pricing production, competition, wrinkle 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 commis sion economic analysis can be used towards solvent business problems. Constitutes the subject press of Managerial Economics. Definition of Managerial Economics Managerial Economics can be be 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 diffusio n Theories in Economics. 3.Managerial Econo! mics is pragmatic. It avoids surd abstract issues of economic theory but involves complications ignored in economic theory to aspect the overall situation in which decisions are made.. 4.Managerial Economics belongs to normative economics quite a than positive economics. Production and tot Production analysis frequently take in visible terms while cost analysis...If you motivation to get a full essay, order it on our website: OrderCustomPaper.com

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