--%>

What are the main features of managerial economics

What are the main features of managerial economics?

E

Expert

Verified

Following are the Chief Characteristics of managerial economics:

i) Managerial economics is like micro economic. As it involves studying the problems of a business firm not the whole economy.
ii) Managerial economics largely uses the body of economic concepts and principles which is known as “Theory of the Firm” or “Economics of the firm”.
iii) Managerial economics is pragmatic.  It is purely practical oriented. Managerial economics think about the particular environment of an organisation or business for decision making.
iv) Managerial economics is Normative rather than positive.
v) Macro economics is also useful to managerial economics since it provides intelligent understanding of the environment in which the business is operating.
vi) It is management oriented.

   Related Questions in Managerial Economics

  • Q : Total Labor Income by Elasticity of

    When the demand for labor is wage elastic, raises in wage rates cause total labor income to: (w) increase. (x) decrease. (y) remain the same. (z) fluctuate erratically. I need a go

  • Q : Fundamental goal of maximizing in firms

    Economists suppose that firms hire labor to further a fundamental goal of maximizing: (1) economic profit. (2) workers’ welfare. (3) economy-wide employment. (4) managerial compensation. (5) the total value of output.

  • Q : Additional unit in increasing real wage

    When the real wage raises, in that case an additional unit of: (w) labor supplied will buy fewer goods. (x) leisure is more expensive. (y) output need more labor time. (z) capital becomes more highly utilized. Can

  • Q : Purely competitive equilibrium labor

    When this purely competitive labor market is firstly in equilibrium at D0L, S0L, an increase within the price of output will result into equilibrium being attained at: (w) D0L, S0L. (x) D1L, S1L. (y) D2L, S1L. (z) D1L, S0L.

    Q : Finance and Economics Activity dear

    dear Please read carefully about in structure and requirement of the assessment. I need quality work with academic writing with less than 5% similaraies and make sure if any studens ask same assessment to avoid plagiarism

  • Q : Causes of Business Cycle Illustrates

    Illustrates the causes of business cycle?

  • Q : Requirement of Screening Boris operates

    Boris operates a local landscaping company, needs each potential employee to lift a 200 pound tree before being hired whole-time. This obligation is an example of: (1) signaling. (2) discrimination. (3) screening. (4) derived demand. (5) automation.

    Q : Explain opinion of Stonier and Hague

    Illustrates the opinion of Stonier and Hague for explaining Demand in economics?

  • 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 : Illustrates the pricing policy and

    Illustrates the pricing policy and practices?