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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.

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