Question

33)The most important aspect of decision sciences that are used in managerial economics include all of these except:
Select one:
a. Opportunity cost
b. Game theory
c. Numerical and Algebraic analysis
d. Optimization​

Answer 1

Answer:

b

Explanation:

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Answer 2

Answer:

Numerical and Algebraic analysis is not used in managerial economics.

Explanation:

The two main goals of managerial economics are to:

1. Maximize decision-making when the firm faces challenges or obstacles by taking into account and applying both macroeconomic theories and microeconomic principles.

2. To evaluate potential impacts and repercussions of short- and long-term planning decisions on the business's revenue and profitability.

The fundamental tenets of managerial economics include:

• Target or goal setting
• Monitoring operations
• Management and performance
• Talent management and development.

Operations research, mathematical programming, strategic decision-making, game theory, and other computer methods are frequently used to optimise economic decisions.

The strategies mentioned above are frequently utilised when using data analysis tools to make quantitative conclusions.