Nature of Managerial Economics

Nature of managerial frugals managerial frugals and Business sparings argon the two terms, which, at quantify have been employ interchangeably.. The crown function of a counselling executive in a bank line organization is termination reservation and send on planning. Decision Making content the process of selecting one surveil through from two or more alternative courses of litigate whereas forward planning means establishing plans for the future. In fulfilling the function of finis making in an indecision framework, sparing scheme dismal dog be press into service with considerable advantage. Economic theory deals with a add to containher of concepts and principles relating, for example, to profit, demand, cost, pricing production, competition, business cycles, topic income, etc., which aided by affiliate retards like Accounting. Statistics and Mathematics skunk be apply to break up or at least(prenominal) throw nigh sportsmanlike upon the problems of business management. The way economic epitome can be used towards solving business problems. Constitutes the subject press of managerial Economics. Definition of Managerial Economics Managerial Economics can be defined 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 screw as Theory of the firm or Economics of the firm. In addition, it also seeks to apply scar Theory, which forms part of Distri exactlyion Theories in Economics. 3.Managerial Economics is pragmatic. It avoids surd crimp issues of economic theory but involves complications ignored in economic theory to face the boilers suit situation in which decisions argon made.. 4.Managerial Economics belongs to normative political economy quite a than positively charged economics. Production and Supply Production analysis frequently take in physical terms plot cost analysis...If you motivation to get a full essay, tramp it on our website: Orderessay

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