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    Managerial Economics Assignment

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    Chirag
    Managerial economics is a stream of management studies that applies microeconomic and macroeconomic theories and principles to solve business problems and aid decision-making. It uses tools from various disciplines like accounting, finance, statistics, and production to analyze an organization's internal issues. Managerial economics serves as an instrument for managers, helping them deal with business problems, uncertainties, and make successful decisions by introducing corrective steps and evaluating external macroeconomic factors that affect the company.

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    Managerial Economics Assignment

    Uploaded by

    Chirag
    37 views2 pages
    Managerial economics is a stream of management studies that applies microeconomic and macroeconomic theories and principles to solve business problems and aid decision-making. It uses tools from various disciplines like accounting, finance, statistics, and production to analyze an organization's internal issues. Managerial economics serves as an instrument for managers, helping them deal with business problems, uncertainties, and make successful decisions by introducing corrective steps and evaluating external macroeconomic factors that affect the company.

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    Managerial economics is a stream of management studies that applies microeconomic and macroeconomic theories and principles to solve business problems and aid decision-making. It uses tools from various disciplines like accounting, finance, statistics, and production to analyze an organization's internal issues. Managerial economics serves as an instrument for managers, helping them deal with business problems, uncertainties, and make successful decisions by introducing corrective steps and evaluating external macroeconomic factors that affect the company.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    37 views2 pages

    Managerial Economics Assignment

    Uploaded by

    Chirag
    Managerial economics is a stream of management studies that applies microeconomic and macroeconomic theories and principles to solve business problems and aid decision-making. It uses tools from various disciplines like accounting, finance, statistics, and production to analyze an organization's internal issues. Managerial economics serves as an instrument for managers, helping them deal with business problems, uncertainties, and make successful decisions by introducing corrective steps and evaluating external macroeconomic factors that affect the company.

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    © All Rights Reserved
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    Download as docx, pdf, or txt
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    Meaning of managerial economics:

    Managerial economics is a stream of management studies that emphasizes primarily on


    solving business problems and decision-making by applying the theories and principles of
    micro and macro economics. It is a specialized stream dealing with an organization’s internal
    issues using various economic tools. Economics is an indispensable part of any business.
    This single concept derives all the business assumptions, forecasting, and investments.
    Nature of managerial economics:

    1. Art and Science

    Management theory requires a lot of critical and logical thinking and analytical skills
    to make decisions or solve problems. Many economists also find it a source of
    research, saying it includes applying different economic concepts, techniques, and
    methods to solve business problems.

    2. Microeconomics

    Managers typically deal with the problems relevant to a single entity rather than the
    economy as a whole. It is therefore considered an integral part of microeconomics.

    3. Uses of Macro Economics

    A corporation works in an external world, i.e., it serves the consumer, which is an


    important part of the economy. For this purpose, managers must evaluate the
    various macroeconomic factors such as market dynamics, economic changes,
    government policies, etc., and their effect on the company.

    4. Multidisciplinary

    Managerial economics uses many tools and principles that belong to different
    disciplines, such as accounting, finance, statistics, mathematics, production,
    operational research, human resources, marketing, etc.

    5. Prescriptive or Normative Discipline

    By introducing corrective steps managerial economics aims at achieving the


    objective and solves specific issues or problems.
    6. Management Oriented

    This serves as an instrument in managers’ hands to deal effectively with business-


    related problems and uncertainties. This also allows for setting priorities, formulating
    policies, and making successful decisions.

    7. Pragmatic

    The solution to day-to-day business challenges is realistic and rational.

    Different individuals take different views of the principles of managerial economics.


    Others may concentrate more on customer service and prioritize efficient production.

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