define managerial economics and explain hoe it is useful to manger in day to day decision making process explain with suitable examples
Answers
Answer:
Managerial economics is a branch of economics involving the application of economic methods in the managerial decision-making process. ... Managerial economics focuses on increasing the efficiency of organizations by employing all possible business resources to increase output while decreasing unproductive activities.
Decision-making plays a vital role in management. ... It plays the most important role in the planning process. When the managers plan, they decide on many matters as what goals their organisation will pursue, what resources they will use, and who will perform each required task.
Answer:
Managerial economics is a branch of economics involving the application of economic methods in the managerial decision-making process. Managerial economics aims to provide a framework for decision making which are directed to maximise the profits and outcomes of a company. Managerial economics focuses on increasing the efficiency of organizations by employing all possible business resources to increase output while decreasing unproductive activities. The two main purposes of managerial economics are:
To optimize decision making when the firm is faced with problems or obstacles, with the consideration of macro and microeconomic theories and principles.
To analyse the possible effects and implications of both short and long-term planning decisions on the revenue and profitability of the Business.
i thik this is a good answer