|managerial scotch science can be out marged as amalgamation of economic theory with melodic line practices so as to ease decision-making and |[pic]| |future planning by management. managerial economic science assists the managers of a firm in a rational source of obstacles faced in the |[pic]| |firms activities. It makes engage of economic theory and concepts. It avails in formulating logical managerial decisions. The key of | | |managerial economic science is the micro-economic theory of the firm. It lessens the gap in the midst of economics in theory and economics in | | |practice. Managerial Economics is a science dealing with effective practice of scarce resources. It guides the managers in taking | | |decisions relating to the firms customers, competitors, suppliers as rise up as relating to the internal functioning of a firm. It | | |makes use of statistical and analytic tools to assess economic theories in puzzle out practical business problems. | | |Study of Managerial Economics helps in enhancement of analytical skills, assists in rational configuration as well as solution of | | |problems.
While microeconomics is the study of decisions make regarding the allocation of resources and prices of goods and services,| | |macroeconomics is the written report of economics that studies the behavior of the providence as a intact (i.e. entire industries and economies). | | |Managerial Economics applies micro-economic tools to make business decisions. It deals with a firm. ! | | The use of Managerial Economics is not limited to profit-making firms and organizations. hardly it can also be used to help in decision-making process of non-profit organizations (hospitals, educational institutions, etc). It enables optimum utilization of scarce resources in such organizations as well as helps in achieving the goals in most efficient manner. Managerial Economics is of great help in price analysis,...If you involve to get a wide essay, order it on our website: OrderCustomPaper.com
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