Nature of Managerial Economics

Nature of managerial political economy Managerial Economics and melodic line sparings are the two terms, which, at times have been hold interchangeably.. The prime mathematical function of a management executive in a line of task organization is decision reservation and saddle on planning. Decision Making means the process of selecting mavin follow through from two or more alternate(a) courses of action whereas forward planning means establishing plans for the future. In fulfilling the function of decision making in an uncertainty framework, economic speculation dirty dog be pressed into service with immense advantage. Economic surmise 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 mathematics weed be apply to solve or at least throw nigh light upon the problems of busin ess management. The counsel economic analysis can be used towards work business problems. Constitutes the subject press of Managerial Economics. Definition of Managerial Economics Managerial Economics can be define 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, whi ch forms part of distribution Theories in E! conomics. 3.Managerial Economics is pragmatic. It avoids surd abstract issues of economic theory but involves complications ignored in economic theory to impertinence the overall situation in which decisions are made.. 4.Managerial Economics belongs to prescriptive economics quite a than positive economics. Production and contribute Production analysis frequently take in sensual terms while cost analysis...If you motivation to get a full essay, order it on our website: OrderCustomPaper.com

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