1. Evolutionary method
2. Substitute method
3. Growth curve method
4. Opinion polling method
5. Sales experience approach
6. Correlation method
7. Controlled experiments
8. Economic Indicators method
Explain the managerial uses of demand distinction
why is demand estimation and forecast important for managerial decision making
Proactive
econometric model Deterministic time series analysis Smoothing techniques Barometer techniques
scope of managerial economics
Explain the managerial uses of demand distinction
why is demand estimation and forecast important for managerial decision making
Proactive
demand estimation may be defined as the process of finding values for demand in future time periods."
econometric model Deterministic time series analysis Smoothing techniques Barometer techniques
scope of managerial economics
nature of managerial economics?
1-interrelated demand 2-joint demand 3-competetive demand 4-derived 5-composite 6-independent
Explain Managerial economics is economics applied in decision making?
Managerial economics is an applied field of economics that focuses on the use of economic analysis and techniques to solve business decisions. It combines economic theory with managerial practice and focuses on the microeconomic aspects of an organization, such as demand analysis and pricing, production costs, and investment decisions. Managerial economics applies microeconomic analysis to specific decisions in order to optimize outcomes and maximize profits. It also considers the macroeconomic environment in which a business operates, such as global economic trends and government regulations. Managerial economics provides a framework for understanding how businesses interact with their environment and make decisions that will impact their long-term success.
what is the role of managerial economics in Pakistan
Managerial economics applies economic theory and methodologies to business decision-making. Examples include analyzing market demand to set optimal pricing strategies, using cost-benefit analysis to determine the feasibility of new projects, and applying game theory to anticipate competitor reactions. Additionally, it involves forecasting future market trends to guide investment decisions and resource allocation.