Illustrates the Importance of managerial economics
Illustrates the Importance of managerial economics?
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Importance: To solve the problems of decision making, all data are to be gathers and analyzed within the light of business objectives. Managerial economics gives help in such area. The significance of managerial economics maybe relies within the given points:
1. This gives tool and techniques for managerial decision making. 2. This provides answers to the fundamental problems of business management. 3. This gives data for forecasting and analysis. 4. This provides tools for demand forecasting and profit planning. 5. This directs the managerial economist. 6. This assists in formulating business policies. 7. This helps the management to identify internal and external factors affects the business.
If this firm maximizes profit, this will be producing under circumstances of: (1) increasing returns to labor. (2) economies of scale. (3) diminishing returns to labor. (4) constant returns to labor. (5) adverse selection and moral hazard. Q : Credentialism and Occupational Licensing Occupational licensing often requires qualifications with small relevance for performance in a specific position before an individual can legally be hired. Artificial and inefficient barriers to the practice of specific occupations, such as dog groome
Occupational licensing often requires qualifications with small relevance for performance in a specific position before an individual can legally be hired. Artificial and inefficient barriers to the practice of specific occupations, such as dog groome
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