--%>

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 : Determine perfectly competitive firm

    When total variable cost exceeds total revenue whatever output levels but a perfectly competitive firm: w) must produce in the short run. x) is making short-run profits. y) must shut down in the short run. z) has shel

  • Q : Labor Supply Curves to Competitive Firms

    A price taker within the labor market: (w) can set the wage that this will pay for the labor this hires. (x) can set the wage at which this will supply the use of its labor. (y) doesn’t care what wage this pays or receives. (z) can’t influ

  • Q : Different types of determinants of

    What are the different types of determinants of advertisement elasticity?

  • Q : Purely competitive labor market in

    When this purely competitive labor market is firstly in equilibrium at D0L , S0L , an increase into labor force participation rates will result within equilibrium being attained at: (w) D0L , S0L . (x) D

  • Q : Consumer Interview Survey method of

    Explain the Consumer Interview Survey method of Demand Forecasting.

  • Q : What is Diminishing Returns to Scale

    What is Diminishing Returns to Scale?

  • Q : Estimate average wage differentials

    From the fact which the average wages of women into the United States is lower than the average wages of men, we can estimate that women are: (1) discriminated against in hiring and pay. (2) less qualified workers than men. (3) less interested into 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 : Competitive Labor Markets Need

    Competitive equilibria in competitive labor markets need: (w) P = MR = AVC. (x) VMP - P is maximized. (y) VMP = MRP = MFC = w. (z) output is at a break-even level. (q) MPP = P. Can anybody suggest me the proper exp

  • Q : Explain the steps for demand estimation

    Explain the steps for demand estimation.