--%>
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 : States the term Demand Estimation

    States the term Demand Estimation.

    		•
  • Q : Substantial amounts of

    A currently-laid-off worker is probably to find another job quickly when the worker has substantial amounts of: (i) unemployment compensation and a strong union. (ii) specific human capital gained at the previous job. (iii) screening,

    		•
  • Q : Marginal Resource Costs and Wage Rates

    For a profit maximizing competitive firm operating within a competitive labor market, therefore the: (w) marginal resource cost of labor is the same to the wage rate. (x) supply of labor is perfectly inelastic. (y) production quota is

    		•
  • Q : Individual firm in purely competitive

    A purely competitive resource market shows that an individual firm faces a resource supply curve which is: (w) perfectly inelastic. (x) perfectly elastic. (y) downward sloping. (z) backward bending.

    Q : What are the responsibilities of

    What are the responsibilities of managerial economists?

    		•
  • 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 : Occurrence of production Production

    Production broadly happens while: (1) a corporation creates a profit. (2) weather disperses economic bads within the environment. (3) knowledge is used to direct energy to change materials and raise their value. (4) resources are combined within a bal

    		•
  • Q : Competitive Supply Curves of Labor to

    When a firm does not influence the wage rate no matter how many workers this hires, then: (1) MRPL = MRCL for all feasible output levels for the firm. (2) MRCL = MPPL for all feasible output levels for the firm. (3) MPPL = MRPL for all feasible output

    		•
  • Q : What are the Methods of Demand

    What are the Methods of Demand Forecasting?

    		•
  • Q : Recession - Phases of business cycle

    Describe about the term Boom in phases of business cycle.

    		•