Importance of managerial economics in decision making
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Specifically, the demand analysis and demand forecasting, resource allocation, pricing, cost analysis and strategic planning are key business areas that can be considered to be the scope of managerial economics. ... Cost analysis is very important for firm in decision-making. It determines the success of profit planning.
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Managerial Economics is essentially an applied economics in the field ofmanagement. It is the economics of business or managerial decisions. It pertains to all about the economic aspects of managerial decision making and forward planning.
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