|managerial scotch science can be define as amalgamation of economic theory with melodic overseas telegram practices so as to ease decision-making and |[pic]| |future planning by management. managerial political economy assists the managers of a firm in a rational source of obstacles faced in the |[pic]| |firms activities. It makes accustom of economic theory and concepts. It avails in formulating logical managerial decisions. The key of | | |managerial political economy is the micro-economic theory of the firm. It lessens the gap between economics in theory and economics in | | |practice. Managerial Economics is a science dealing with effective practice of scarce resources. It guides the managers in taking | | |decisions relating to the firms customers, competitors, suppliers as wellhead as relating to the internal functioning of a firm. It | | |makes use of statistical and analytic tools to assess econ omic theories in lick practical business problems. | | |Study of Managerial Economics helps in enhancement of analytical skills, assists in rational configuration as well as solution of | | |problems. While microeconomics is the study of decisions do regarding the allocation of resources and prices of goods and services,| | |macroeconomics is the written report of economics that studies the behavior of the scrimping as a intact (i.e. entire industries and economies). | | |Managerial Economics applies micro-economic tools to make business decisions. It deals with a firm. | | The use of Managerial Economics is not limited to profit-making firms and organizations. hardly it can also be used to help in decision-making process of non-profit organizations (hospitals, educational institutions, etc). It enables best utilization of scarce resources in such organiz ations as well as helps in achieving the goa! ls in most efficient manner. Managerial Economics is of great help in price analysis,...If you command to get a wide essay, order it on our website: OrderCustomPaper.com
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