1 .principle of opportunity.
2. principles of incremental cost and revenue.
3.principles of time perspective.
4.principles of discounting.
5.equi- marginal principles.
6.Optimisation.
Both! The ideas and concepts behind managerial economics all have a scientific basis. Some managerial decisions made using managerial economics can employ scientific explanations. On the other hand, many managerial decisions made using the concepts of managerial economics are very subjective. One must, for example estimate the intentions of competitor firms. While some of this is scientific, some of it is luck and some of it is an art.
Scarcity and Choice
many concepts in economics are regarded as empirically observed and evident but not theoretically understood or validated. That is to say there is a void between the academic Economics (traditional) and the practical application of Economics (managerial). Managerial economics serves as a means of applying economic theory to managerial decisions (real life business problems) of dealing with limited resources and competing ends. Managerial economics is a link as it's basis is in "traditional" economics but it can rarely be perfectly applied to contemporary "real life" decision making.
nature of managerial economics?
scope of managerial economics
Both! The ideas and concepts behind managerial economics all have a scientific basis. Some managerial decisions made using managerial economics can employ scientific explanations. On the other hand, many managerial decisions made using the concepts of managerial economics are very subjective. One must, for example estimate the intentions of competitor firms. While some of this is scientific, some of it is luck and some of it is an art.
Scarcity and Choice
many concepts in economics are regarded as empirically observed and evident but not theoretically understood or validated. That is to say there is a void between the academic Economics (traditional) and the practical application of Economics (managerial). Managerial economics serves as a means of applying economic theory to managerial decisions (real life business problems) of dealing with limited resources and competing ends. Managerial economics is a link as it's basis is in "traditional" economics but it can rarely be perfectly applied to contemporary "real life" decision making.
nature of managerial economics?
scope of managerial economics
Managerial economics use economics concepts when making decisions about how an organization is to be managed, especially financially. This is one approach to running an organization that often considers budgeting, risks in the organization\'s investments, and practically all expenditures.
Explain Managerial economics is economics applied in decision making?
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significance of managerial economics is decesion making
responsibilities of managerial eeconomic
what is the importance of managerial economics principles in the modern organization?
about scope of managerial economics?