Managerial economics is fetching great importance these days. It is gaining importance as a tool of building great business strategies to fight competition.
What is managerial economics??
Managerial economics is defined as ‘consisting the use of economic mode of thought to analyze business situations. Managerial Economics had its beginning in the early part of 1950’s. It has progressively displaced the term business economics. It refers to the firm’s decision-making process.
Managerial economics is more of an “Applied economics” used in decision making. It bridges the gap between economics theory and managerial practices. It emphasizes the use of economic analysis in clarifying problems, in organizing and evaluation information and comparing alternative courses of action. It also provides application in managing non-profit organizations and public sector undertakings. To some Managerial economics is applied economics plus the application of economic theory and methodology to business administration practices. It uses the tools and techniques of economic analysis to solve business problems. It provides the link between traditional economics and the managerial decision making. Making use of scarce resources effectively is nothing else but its same as building effective business strategy to cut competition and gain advantage over others. So managerial economics help business managers these days to apply the rules of economics practically to build the best competitive business strategy. Knowledge of managerial economics help a manager to practically apply the concepts in the real world and fight the competition effectively.
Managerial economics consists of many different topics like,
• Introduction to Managerial Economics
• Role of Managerial Economics in Decision Making
• Opportunity cost Principle
• Production Possibility Curve
• Incremental Concept
• Cardinal and Ordinal Approaches to Consumer Behaviour
• Equi-Marginal Principle
• Law of Diminishing Marginal Utility
• Indifference Curve Analysis
• Demand Analysis
• Demand Function
• Determinants of Demand
• Elasticity of Demand
• Demand Estimation and Forecasting
• Production Function
• Short Run and Long Run Production Analysis
• Isoquants
• Theory of Cost and Market Structures
• Economies of Scale and Economies of Scope
• Revenue curves
• Price-Output decisions under Perfect Competition
• Monopoly
• Monopolistic Competition
• Oligopoly
• Strategic Behaviour of Firms
• Game Theory
• Nash Equilibrium
• Prisoner’s Dilemma
• Price and Non-price Competition.
So it becomes necessary for today’s teachers to make the potential managers experts in the field of applying the concepts of managerial economics this can be done by giving the students case studies on managerial economics or managerial economics assignments and homework . For example if we talk about production function then the question arises how one can use it practically in taking business decisions. One can easily predict with the help of production functions about how much production should be done, which production cycle to follow i.e. long run or short run, how to allocate the factors of production effectively to get maximum output out of them. Likewise all the concepts of managerial economics can be put to use for strategic business decision making. As a student of management if you face problem on any topic of managerial economics, you can contact tutorhelpdesk for any kind of expert help, problem solving, assignment help and homework help.
What is managerial economics??
Managerial economics is defined as ‘consisting the use of economic mode of thought to analyze business situations. Managerial Economics had its beginning in the early part of 1950’s. It has progressively displaced the term business economics. It refers to the firm’s decision-making process.
Managerial economics is more of an “Applied economics” used in decision making. It bridges the gap between economics theory and managerial practices. It emphasizes the use of economic analysis in clarifying problems, in organizing and evaluation information and comparing alternative courses of action. It also provides application in managing non-profit organizations and public sector undertakings. To some Managerial economics is applied economics plus the application of economic theory and methodology to business administration practices. It uses the tools and techniques of economic analysis to solve business problems. It provides the link between traditional economics and the managerial decision making. Making use of scarce resources effectively is nothing else but its same as building effective business strategy to cut competition and gain advantage over others. So managerial economics help business managers these days to apply the rules of economics practically to build the best competitive business strategy. Knowledge of managerial economics help a manager to practically apply the concepts in the real world and fight the competition effectively.
Managerial economics consists of many different topics like,
• Introduction to Managerial Economics
• Role of Managerial Economics in Decision Making
• Opportunity cost Principle
• Production Possibility Curve
• Incremental Concept
• Cardinal and Ordinal Approaches to Consumer Behaviour
• Equi-Marginal Principle
• Law of Diminishing Marginal Utility
• Indifference Curve Analysis
• Demand Analysis
• Demand Function
• Determinants of Demand
• Elasticity of Demand
• Demand Estimation and Forecasting
• Production Function
• Short Run and Long Run Production Analysis
• Isoquants
• Theory of Cost and Market Structures
• Economies of Scale and Economies of Scope
• Revenue curves
• Price-Output decisions under Perfect Competition
• Monopoly
• Monopolistic Competition
• Oligopoly
• Strategic Behaviour of Firms
• Game Theory
• Nash Equilibrium
• Prisoner’s Dilemma
• Price and Non-price Competition.
So it becomes necessary for today’s teachers to make the potential managers experts in the field of applying the concepts of managerial economics this can be done by giving the students case studies on managerial economics or managerial economics assignments and homework . For example if we talk about production function then the question arises how one can use it practically in taking business decisions. One can easily predict with the help of production functions about how much production should be done, which production cycle to follow i.e. long run or short run, how to allocate the factors of production effectively to get maximum output out of them. Likewise all the concepts of managerial economics can be put to use for strategic business decision making. As a student of management if you face problem on any topic of managerial economics, you can contact tutorhelpdesk for any kind of expert help, problem solving, assignment help and homework help.
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