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Managerial Economics serves as a link between traditional economics and the decision making sciences for business decision making Critically comment on the statement taking into account the real world?
Wiki User
∙ 14y ago
Managerial economics deals with microeconomics in an industry for strategic decision making.
It facilitates the transition from economic theories to economics in pratice. It employs quantitative tools like risk analysis,production analysis ,pricing analysis and capital budgeting. There are lot of factors involved in the business outcome , managerial economics uses the quantitative tools to predict the outcome and help in the decision making.
eg of decisions
- Whether the company has to venture into new products
- Should a firm continue to be in business in an industry in which it is currently engaged
- Means to motivate employees in the industry.
Wiki User
∙ 14y ago
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Managerial Economics serves as a link between traditional economics and decision making Discuss?
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?
nature of managerial economics?
Scopes of managerial economics?
scope of managerial economics
Critically assess the role of managerial economics as a cross functional managerial decision tool?
do your own research dude! sickeez!
Explain Managerial economics is economics applied in decision making?
Explain Managerial economics is economics applied in decision making?
Managerial Economics serves as a link between traditional economics and decision making Discuss?
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?
nature of managerial economics?
Scopes of managerial economics?
scope of managerial economics
Critically assess the role of managerial economics as a cross functional managerial decision tool?
do your own research dude! sickeez!
Explain Managerial economics is economics applied in decision making?
Explain Managerial economics is economics applied in decision making?
What is the Difference between economics and manegrial economics?
difference between economics and managerial economics
What is the role of Managerial economics in the economy of Pakistan?
what is the role of managerial economics in Pakistan
Significance of managerial economics in decision making?
significance of managerial economics is decesion making
Scope methods of economics?
about scope of managerial economics?
Managerial economics serves as a link between traditional economics and the decision making sciences for business decision making?
Following are the steps helps to managers while taking decisions.. 1.Establish objectives. 2.Define the problem. 3.identify factors that affect the problem. 4.specify alternative solutions. 5.collect data and other informations. 6.Evaluate and screen alternatives. 7.Implement best alternative and monitor result. I think these are the main process in managerial economics.. By -Nsk
What do you mean by managerial economics and what is science?
Managerial economics applies economic theory and methods to business and administrative decision making. Managerial economics prescribes rules for improving managerial decisions. Managerial economics also helps managers recognize how economic forces affect organizations and describes the economic consequences of managerial behavior. It links traditional economics with the decision sciences to develop vital tools for managerial decision making. This process is illustrated in Figure 1.1. Managerial economics identifies ways to efficiently achieve goals. For example, suppose a small business seeks rapid growth to reach a size that permits efficient use of national media advertising. Managerial economics can be used to identify pricing and production strategies to help meet this short-run objective quickly and effectively
What is the importance of managerial economics principle in modern organization?
what is the importance of managerial economics principles in the modern organization?
