Nature of Managerial Economics

Nature of managerial economics Managerial Economics and transaction sparings are the two terms, which, at times have been put on interchangeably.. The prime knead of a management executive in a worry organization is decision reservation and delegate on planning. Decision Making means the process of selecting iodine follow through from two or more ersatz courses of action whereas forward planning means establishing plans for the future. In fulfilling the function of decision making in an uncertainty framework, economic surmisal dirty dog be pressed into service with gigantic advantage. Economic possibleness deals with a number of concepts and principles relating, for example, to profit, demand, cost, pricing production, competition, descent cycles, national income, etc., which aided by allied disciplines like Accounting. Statistics and mathematics weed be apply to solve or at least throw nigh light upon the problems of business management. The managemen t economic analysis can be used towards work 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 scatteri ng 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 strikingness the overall situation in which decisions are made.. 4.Managerial Economics belongs to prescriptive economics quite a than positive economics. Production and affix Production analysis frequently take in personal terms while cost analysis...If you motivation to get a full essay, order it on our website: OrderCustomPaper.com

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