What are the principles of managerial economics? How far are these principles followed in present managerial economic scenarios?
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Answer:
Some important principles of managerial economics are:
Marginal and Incremental Principle. ...
Equi-marginal Principle. ...
Opportunity Cost Principle. ...
Time Perspective Principle. ...
Discounting Principle.
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Explanation:
In Managerial Economics, the opportunity cost concept is useful in decision involving a choice between different alternative courses of action. Resources are scarce, we cannot produce all the commodities. For the production of one commodity, we have to forego the production of another commodity.
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