Nature of Managerial Economics

Nature of managerial economic science Managerial Economics and stage parentage sparings are the two terms, which, at times have been work interchangeably.. The prime get going of a management executive in a occupation organization is decision reservation and head on planning. Decision Making means the process of selecting adept follow through from two or more election 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 wide advantage. Economic possibleness deals with a number of concepts and principles relating, for example, to profit, demand, cost, pricing production, competition, business 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 c harge economic analysis can be used towards declaration business problems. Constitutes the subject press of Managerial Economics. Definition of Managerial Economics Managerial Economics can be outlined 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 o f dispersion Theories in Economics. 3.Mana! gerial Economics is pragmatic. It avoids surd abstract issues of economic theory but involves complications ignored in economic theory to vitrine the overall situation in which decisions are made.. 4.Managerial Economics belongs to normative economics quite a than positive economics. Production and bring out Production analysis frequently take in somatogenic terms while cost analysis...If you motivation to get a full essay, order it on our website: OrderCustomPaper.com

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