--%>
Assignment Help - homework help

Illustrates the Importance of managerial economics

Illustrates the Importance of managerial economics?

E

Expert

Verified

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.

   Related Questions in Managerial Economics

  • Q : States the Scarcity Definition in

    States the Scarcity Definition in economics?

    		•
  • Q : Labor Supplies in Competitive Markets

    The individual firm in a purely competitive labor market: (1) faces a perfectly elastic supply of labor at the equilibrium wage. (2) faces a perfectly inelastic supply of labor at the equilibrium wage. (3) has a perfectly elastic demand for labor at t

    		•
  • Q : Value of the Marginal Product The value

    The value of marginal product of a variable resource is marginal physical product of it multiplied with: (w) the marginal revenue from the sale of its addition to output. (x) its cost. (y) the price of the product. (z) one.

  • Q : Explain short term Demand forecasting

    Explain short term Demand forecasting.

    		•
  • Q : Social Welfare and Labor Market

    A labor market operates inefficiently when labor is hired only up to a point where, that the last worker: (1) VMP = w. (2) VMP minus MRC exceeds zero and is maximized. (3) P x MPPL = w. (4) added total revenue equals added total cost.

    Q : Income effect of wage rate The income

    The income effect of a small modify in the wage rate is approximately identical to the substitution effect for this worker point: (w) point a. (x) point b. (y) point c. (z) point d. Hello guys I wa

    		•
  • Q : General Training in Human Capital The

    The knowledge regarding local shrubs and trees which Morgan learns whereas working as an apprentice landscaper into the suburbs of a huge city is an illustration of the benefits from: (1) dirty work. (2) general training. (3) dues-paying. (4) high-skilled employment.

    		•
  • Q : Operational or internal issues of

    What are the operational or internal issues of managerial economics?

    		•
  • Q : Occurrence of Occupational Crowding An

    An illustration of occupational crowding occurs while: (1) Morgan, Blake and Jackie share one small office and a fax machine at an investment firm. (2) Juanita, Rosa, and Maria find work only as hotel maids since, as Hispanic women, they are stereotyp

    		•
  • Q : Supply of Labor The firm in this

    The firm in this illustrated graph is clearly: (1) price taker in the sale of its output because of the shapes of the VMP and MRP curves. (2) price taker in the purchase of labor when this can hire as several workers as this chooses at roughly of $13 per hour. (3) mon

    		•