How does the study of managerial economics help a business manager in decision - making? Illustrate your answer with examples from contemporary issues.
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Managerial economics helps a lot in making decision regarding business
Explanation:
Managerial economics is basically related to making decisions in following
- cost of a product,
- input combination,
- demand of a product
- when is the demand ?
- production plan
how to reduce variable cost and fix cost
how to increase the profit
so if you are good in all these things mentioned above, you will do good in making decision regarding your business.
for example you have a plant of pen making and you don't know how much you are spending on making it , what is the demand of that pen ?
with which combination you will make most product at low cost ?
you will not be able to make correct decisions. so managerial economics is very import for business managers.
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