Objectives and importance of managerial Economics
What are the objectives and importance (Uses) of managerial Economics?
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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.
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The elasticity of demand for labor is directly associated to: (w) labor’s share of total costs. (x) the elasticity of demand for output. (y) the ease of substitution between labor and other resources. (z) All of the above. Discover Q & A Leading Solution Library Avail More Than 1434815 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1949564 Asked 3,689 Active Tutors 1434815 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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