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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Illustrates the elements of managerial economics as a tool for decision making?
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Illustrates the factors affecting Demand Forecasting?
A backward bending supply curve for labor arises while: (w) firms wish to hire only a specific quantity of labor. (x) there is a change in the elasticity of resource supply. (y) workers prefer leisure over added income above several wage. (z) minimum
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