Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Managerial Economics Expert

Introduction:

Managerial economics is used synonymously with business economics is the branch of economics that deals with application of the microeconomic analysis to the decision-making techniques of the businesses and the management units. It acts through the media between economic theory and the pragmatic economics. The Managerial economics bridges gap between the theories and précis. Tenets of managerial economics have been derived from the quantitative techniques such as the correlation, regression, analysis and Lagrangian calculus.

Managerial economics as a science it is useful to managers in making the decisions relating to firm customer base competitors and the strategic future decisions. A lot of mathematical concepts especially the statistics and analytical tools are required because of probabilistic nature of the future decisions that firm wants to make.

Definition:

Managerial economics is science of the directing scarce resources to manage cost of effectively. It consists of three branches, market power, competitive markets, and imperfect markets. A market consists of the buyers and sellers that the communicate with each other for the voluntary exchange. Whether a market is a local and global the same of managerial economics relate.

The Managerial economics is social science discipline that the combines of economics theory concepts and known the business practices in order to make process of decision making simple. It is very useful concept for the every manager that is planning for future. This is because of it assists the managers to make the rational decisions on the various obstacles facing the firm.

Features of Managerial economics:

There are three feature of managerial economic

Assessing Market Competition: A managerial economist determines how the competition and market structure affect product sales level and the price.

Factors of Production: In addition to the market pricing structure, strategy is the designed based on the firm inherent factors of the production.

Legal Regulations: The managerial economist assesses that how current legislation affects the business operations.

Scope of Managerial economics:

Microeconomics: The study of individual economic behavior where the resources are costly that how consumers respond to the changes in prices and income. How businesses decide on the employment and sales, voters behavior and setting of the tax policy.

Managerial economies: The application of the microeconomics to managerial issues.

Macroeconomics:  The study of aggregate economic variables directly issues relating to the interest and inflation, exchange rates, unemployment, export and import policies.

Economic concepts and techniques used in the managerial economic:

Managerial economics uses the wide variety of the economic concepts, techniques, and tools in the decision-making process. These concepts can be placed in the three broad categories.

1. The theory of firm which describes that how businesses make variety of the decisions.

2. The theory of the consumer behavior which describes decision making by the consumers, and

3.The theory of the market structure and pricing which describes structure and characteristics of the different market forms under which business firms operate.

Tools of managerial economics:

Tools of the managerial economics can be used to the achieve virtually all goals of business organization in efficient manner. Typical managerial decision-making might be involving one of the following issues.

1. Decisions pertaining to price of the product and quantity of commodity to be produced.

2. Decisions regarding manufacturing product or outsourcing to purchasing from another manufacturer.

3. Choosing the production of technique to be employed in production of given product.

4. Decisions relating to level of the inventory of product and raw material firm will maintain.

5. Decisions regarding medium of the advertising and intensity of advertising campaign.

6. Decisions pertinent to the employment and the training.

7. Tools of the managerial economics can be applied equally well to decision problems of the nonprofit organizations.

Find Proficient Support in Managerial economics at the world's most-trusted platform
Mywordsolution offers you exactly you need in your courses if you think that you cannot cope with all the complexities of Managerial economics. Our team of dedicated Managerial economics specialists, who have been worked in the Managerial economics field for a long time, can offer UK, US, Australian, Canadian and word wide students their help in tackling what their Managerial economics homework and assignment has to offer them. You just need to specify what kind of Managerial economics assignment help you want and what your deadlines are. Once you are done with submission of your Managerial economics requirement, our specialists or experts will get back on the job, while at the same time promising things like:

Research relevant to your area
The best prices

  • Time on Delivery
  • Plagiarism free Answers
  • 24x7 Supports
  • End Customer Satisfaction

In addition, the Mywordsolution.com facilitates you to search and find the solution for Managerial economics questions, or Managerial economics textbooks problems. You can search the questions in Managerial economics SIGN solution library and download the answers in just little pay of the service.

Economics,Managerial Economics


Recent Managerial Economics Questions

Section aall questions carry equal marksq1 how does

Section A All questions carry equal marks. Q.1 How does economic theory contribute to managerial decisions? Q.2 Explain the law of demand. Briefly discuss the exception to the law of demand. Q.3 Explain the various compo ...

Section aall questions carry equal marksq1 how does

Section A All questions carry equal marks. Q.1 How does economic theory contribute to managerial decisions? Q.2 Explain the law of demand. Briefly discuss the exception to the law of demand. Q.3 Explain the various compo ...

Economics for managers assessment examquestion 1 overseas

ECONOMICS FOR MANAGERS ASSESSMENT: EXAM Question 1 Overseas investments by U.S. citizens are recorded as credit items in the capital account of the U.S. balance of payments. True False Question 2 Under a fixed or control ...

Economics for managers assessment examquestion 1 us workers

ECONOMICS FOR MANAGERS ASSESSMENT: EXAM Question 1 U.S. workers have neither substantial geographic nor occupational mobility both substantial geographic and occupational mobility substantial geographic mobility but not ...

Economics for managers assessment examquestion 1 if planned

ECONOMICS FOR MANAGERS ASSESSMENT: EXAM Question 1 If planned investment decreases, the multiplier will decrease the equilibrium income. True False Question 2 The change in the level of planned spending that results from ...

Economics for managers assessment examquestion 1 a firm is

ECONOMICS FOR MANAGERS ASSESSMENT: EXAM Question 1 A firm is making a profit under conditions of monopolistic competition if, at the equilibrium output, AR is above MR MR is above AR AR is above AVC AR is above ATC Quest ...

Economics for managers assessment examquestion 1 which of

ECONOMICS FOR MANAGERS ASSESSMENT: EXAM Question 1 Which of the following economic systems abolishes all private property? communism socialism fascism all of the above Question 2 The profit motive is one characteristic o ...

Managerial economics report due 30-36hrs from nowthe report

Managerial Economics Report; Due 30-36hrs from now The report has to be 1000 words, APA format with references I need a report in Managerial Economics (In this course we have tried to look at Economics from a Managerial ...

Economic assignmentsuppose that there are two products

Economic Assignment Suppose that there are two products: clothing and soda. Both Brazil and the United States produce each product. Brazil can produce 100,000 units of clothing per year and 50,000 cans of soda. The Unite ...

Questionidentify two health care product advertisements

Question: Identify two health care product advertisements from radio, television, newspaper, magazines, or social media. Possible products could include blood pressure cuffs, blood glucose meters, and food diary apps. Th ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro