1(i) Managerial economics
(ii) What is Managerial Economics?
In order for any company to truly gain a competitive advantage, it is imperative that the management industry be integrated into the decision making process. According to Mark Deery and Eric Bentzen, the managed economy is a study of how economic power affects organizations and how their leaders use economic principles to achieve optimum results. This concept is a deeply useful tool that is ubiquitous in all sectors of the economy, from large companies to nonprofit organizations and helps managers make sound business decisions.
In the situation executive procedure for some commerce to get a real competitive verge administration exists essential to the economics of integration. Management and economics mark hirschey forces organizations to achieve the best results and how their leaders affect the business according to Eric bentzen how you can utilize to study the values of business. Large companies and nonprofits found everywhere all for the economy any of the frontrunners of this concept sound commerce decisions helps to brand a very useful tool. You utilize a finest judgment to ensure we are in finances management frontrunners in their administrations. They may view the contribution to resolve problems. promotional strategy labor hiring and training investment and finance on the price of production organization design strategies for selecting or developing products internet products and decide resources and especially the use of at least a number of concepts and methods used to ensure the expansion of the width to give special management economics. The practical applications may include boundary examination. the companies economic study utilizing marginal analysis of the changes caused by the decisions according to the concise encyclopedia increasing the price of its client decides to purchase a product if they still do not understand can help. Economics public choice theory the conclusion of the public companies it assistances to comprehend the conduct. The basic economic concept that describes the business model of the company. Economic university concise encyclopedia public choice theory which helps companies understands the public decision-making behavior. Any theory based business model to describe the company’s business.
Game theory methods. Based customer behavior in a wide range of consumer behavior based on the groups of people surround them in their companies will help you understand how to study as a mutual company. Optimization techniques or what are the most available resources. Such as sales procedures our try to comprehend the situation otherwise future predictions. Leaders who comprehend such concepts almost realistic they will face can be applied from the financial scene.
1(i) Managerial economics