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It bridges the gap between economic theories and the practice of day-to-day management. Theory of the firm : The theory of the firm states that business entities are driven to maximize profits. This theory spreads to encompass marketing campaigns, introductions of new products, hiring practices, pricing strategies and production planning.
Managerial economics get applied to each of these areas to maximize performance for optimal results. Make a profit: Making a profit is the core objective when running a company. A business must make a profit that produces a reasonable return on shareholders' equity investment and provides funds for growth. Grow and develop the business : Businesses cannot remain stagnant; they must grow to provide funds for expansion and offer more benefits for employees. Maintain a regular supply of goods and services: Managers coordinate sales forecasts with orders for materials, setting manpower levels and scheduling production.
Plan for long-term survival: Plan for the future. Firms rise above the rest because they can sell more products, manage production more efficiently and control expenses better than their competitors. Optimize the use of resources : Managerial economics looks for the best use of resources. This includes labor, capital, cash and fixed assets. Improve labor utilization : Workers are most productive when they feel they are being adequately compensated, improving their skills in jobs and have a secure future for employment. The goal is to create an atmosphere where workers want to contribute their best performance to the benefit of the organization.
Minimize risks : Evaluate market factors using economic analysis for better forecasting and more accurate assessments of risks.
11 Definitions from Top Economists to Clarify Meanings of the Managerial Economics!
Managerial economics applies economic concepts and methods to business decision-making that achieves the economic objectives of management. Economic theories help managers understand how economic forces affect their businesses and provide methods to evaluate the consequences of their decisions. Macroeconomics and microeconomics are both covered by managerial economics.
Macroeconomics studies the overall economy and considers such factors as business cycles, inflation rates, national income and interest rates. Microeconomics analyzes the individual units of the economy like consumers and individual companies.
Managerial economics offers a range of statistical and numerical models to analyze and formulate answers to business issues. It gives managers the tools and techniques to use for day-to-day decision-making and to utilize resources more efficiently. Marginal analysis : Marginal analysis focuses on the costs and benefits of specific business activities. The objective is to find out if the benefits of a change in activity will exceed the costs of making the change. Marginal analysis looks at specific activities rather than the business as a whole.
Statistical analysis: Statistics provide a framework to evaluate the variations in a decision and apply probabilities to the uncertainties. Statisticians extract relevant data from complex information bases to make projections about future performance and results. Game theory techniques : Game theory is a technique used in making decisions when the payoffs depend on the actions taken by competitors. However, the likelihood of competitors' actions are not known, so probabilities are attached to the various reactions to come up with a decision rule.
Optimization techniques: According to the theory of the firm, management attempts to make the most effective decisions out of the available alternatives. Optimization makes use of equations, tables and graphs to express the various economic relationships between variables.
Differential techniques are applied to equations to determine optimal solutions. Setting business goals: Forecasting from marketing models are used to set revenue and profit goals.
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What is Managerial Economics? Definition, Nature, Types, Principles, Scope - The Investor's Book
Advisory Board. International Relations. Instructor s :. Maxim A.
Petersburg University. Topic 1. Antitrust Regulation Key points: Measures of market structure: concentration curves and ratios, Herfindahl index Measures of market power: Lerner index Optimal pricing for natural monopoly Merger and acquisitions regulations Collusion regulation. Lectures, case studies, group work, exercises, home and class discussion and assignments.