Nature of Managerial Economics

Nature of managerial political economy Managerial Economics and origin sparings are the two terms, which, at times have been employ interchangeably.. The prime do work of a management executive in a strain organization is decision reservation and lead on planning. Decision Making means the process of selecting unmatchable follow through from two or more substitute courses of action whereas forward planning means establishing plans for the future. In fulfilling the function of decision making in an uncertainty framework, economic supposition dirty dog be pressed into service with huge advantage. Economic speculation deals with a number of concepts and principles relating, for example, to profit, demand, cost, pricing production, competition, transaction cycles, national income, etc., which aided by allied disciplines like Accounting. Statistics and mathematics weed be apply to solve or at least throw nigh light upon the problems of business management. The bearing economic analysis can be used towards firmness business problems. Constitutes the subject press of Managerial Economics. Definition of Managerial Economics Managerial Economics can be specify as the discipline which deals with the application of economic theory to business management. Characteristics of Managerial Economics 1.

Managerial Economics is micro-economic in character. 2.Managerial Economics largely uses that body of economic concepts and principles, which is know as Theory of the firm or Economics of the firm. In addition, it also seeks to apply boodle Theory, which forms part of disper sion Theories in Economics. 3.Managerial Ec! onomics is pragmatic. It avoids surd abstract issues of economic theory but involves complications ignored in economic theory to see the overall situation in which decisions are made.. 4.Managerial Economics belongs to normative economics quite a than positive economics. Production and supplement Production analysis frequently take in somatic terms while cost analysis...If you motivation to get a full essay, order it on our website: OrderCustomPaper.com

If you want to get a full essay, visit our page: write my paper