--%>
Assignment Help - homework help

Objectives and importance of managerial Economics

What are the objectives and importance (Uses) of managerial Economics?

E

Expert

Verified

The objectives of managerial economics are to:

i. To analyze the economic problems faced by the business.
i. To integrate economic theory with business practice.
ii. To apply economic concepts and principles to solve business problems.
iii. To allocate the scares resources in the optimal manner.
iv. To make all-round development of a firm.
v. To minimize risk and uncertainty
vi. To helps in demand and sales forecasting.
vii. To help in profit maximization.
viii. To help to achieve the other objectives of the firm like industry leadership, expansion and implementation of policies

Importance: To solve problems of decision making, data are to be gathered and analyzed in the light of business aims. Managerial economics helps in this area.

   Related Questions in Managerial Economics

  • Q : Less elastic demand for a resource At

    At any price of, the demand for a resource is fewer elastic the: (w) easier this is to substitute other resources for this. (x) harder this is to substitute other resources for this. (y) more elastic the demand for the output this produces. (z) greate

    		•
  • Q : Illustrates the types of revenue cost

    Illustrates the types of revenue?

    		•
  • Q : Elasticity of demand for labor between

    The arc elasticity of Plastibristle’s demand for labor in between point c and point d is approximately: (1) 0.375. (3) 0.545. (4) 0.833. (4) 1.200 (5) 2.000.

    Q : Maximize utility in competitive

    Within the competitive resource market model, all households are assumed to sell the employ of resources in attempts to maximize: (w) income. (x) utility. (y) employment. (z) social welfare. I need a good answer on

    		•
  • Q : Explain the term average fixed cost

    Explain the term average fixed cost.

    		•
  • Q : Prevent cheating among members by

    A cartel tends to be more successful mainly while this can stop: (1) cheating between its members. (2) increases in the demand for its product. (3) joint profit maximization. (4) international trade. (5) an increase in the price of its product. <

    		•
  • Q : Change in derived demand A change in

    A change in derived demand has most clearly occurred when: (1) poker playing increases in popularity since the World Series of Poker is televised. (2) housing sales decline during recessions. (3) ski sales increase when the snow begins to fall in Octo

    		•
  • Q : Extension/contraction and shift in

    Differentiate between extension/contraction and shift in demand?

    		•
  • Q : What is social cost of production What

    What is social cost of production?

    		•
  • Q : Policy of Avoiding Legal Liability The

    The expected losses to workers through shirking are increased while a firm adopts a policy of: (w) dividing productive tasks thus the division of labor is optimal. (x) paying efficiency wages which exceed market-clearing wages. (y) avoiding legal liability by not writ

    		•