I need to reply to the discussion of my classmates. There are 3 different discussions

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I need to reply to the discussion of my classmates. There are 3 different discussions. I have attached all three files. Please mentioned the name of the student on each reply. The length of the repply should be in 200 words and APA format. References are important.

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Janvi Rajiv Shah - Sunday, 21 October 2018, 7:52 PM Article 1: Role and Responsibilities of Managerial Economists: Empowering Business through Methodology and Strategy With the changes in the world and globalization, companies are incorporating more of behavioral economics in their day to day functioning. They have finally come to realize that a company cannot find success just by knowing and predicting the market, but need to ensure employee satisfaction, cooperation and motivate them and retain them. Along with employees, the company needs to understand the behavior of firms and relationships among them as well. It is important to understand that the ‘entrepreneur’ is the one making decisions and they are not just dependent on market forces. Business economists need to incorporate human behavior into economic studies. Article 2: Role Of Managerial Economics In Competitive Edge Dynamic Business Decision-Making Process Managerial economics focuses on combining economic theories with managerial practices. It helps tackle the problem of limited resources and unlimited needs. It studies human behavior when faced with scarcity of resources which cannot fulfil all human wants and needs. Managerial economics helps firms with business decisions but is also a major part of non-business entities such as governments, hospitals, education institutions, etc. The study of managerial economics helps managers take the right decisions and run the firm effectively and efficiently. Article 3: Economic Value Added In Managerial Economics This article talks about the effect of the economic value added (EVA) indicator, evaluating the performance of a specific business sector. The difference types of indicators like economic and financial factors and their effect should be considered and evaluated. These indicators generally includes factors like cost invested, capital cost, net present value, EVA and operation return value. EVA indicators help to measure performance of the company and are called modern indicators. The advantage of this calculation is that it helps to understand the performance of the company from the owner as well the investor’s point of view. A negative EVA reflects the negative impact on the shareholder’s returns. A manager might tend to evaluate the performance of his company based on narrow and biased parameters, this eliminates that risk. This technique minimizes cost of capital and gives the company a competitive edge. References: 1. Hans, V. Basil (December 2016). Role and Responsibilities of Managerial Economists: Empowering Business through Methodology and Strategy, Nitte Management Review, Vol. 10, Issue 2. 2. Waykole, M. (2013). Role of Managerial Economics in Competitive Edge Dynamic Business DecisionMaking Process. Asia Pacific Journal of Marketing & Management Review, Vol. 2, Issue 1, 136-139. 3. Rylková, Žaneta. (2016). Economics Value added in Managerial Economics. Scientific Papers of the University of Pardubice. Series D, Faculty of Economics & Administration. Ravi Kiran Rachha - Wednesday, 24 October 2018, 12:48 AM Managerial Economics: Combining the economic theory with managerial practices is nothing but managerial economics in brief. Managerial economics in decision making in the organizations. The decision making in the organization depends on forecasting the future demands in the organization. This demand depends on the future sales estimates, future requirement of human resources, future production costs involved, estimation of upcoming profits, market position of the company etc. Managerial economics deals with a kind of calculations that are related to the future demands. So, this includes calculating the costs related to the production and cost of the output, cost of the raw materials, miscellaneous cost, time involved etc (Dean & Delhi., 1968). This will also deal with the correct pricing strategy of the product or service offered by the company. This ultimately related to the revenue of the organization. Managerial economics involves in managing the profits of the organization. This will include the future calculation of the profits, uncertainties, risks involved, loss that company should bare for the calculated risks and will try to maintain the moderate profits. This will also involve in maintaining the capital investment and expenditure of the company (Petersen, 1999). When we say that it involves in estimating the future scenarios managerial economics involves in estimating the number of resources that are required for the organization, any back up need to be maintained for uncertainties, what is the wastage that is involved, what is the budget that is available and will try to maintain all the aspects according to the requirement of the organization. This managerial economics will perform the SWOT analysis of the organization, so that you can estimate the threats involved and the opportunities to solve those identified threats. By performing this analysis, you will get to know the market position of the company. This will involve in collecting, analyzing, processing, testing and validating the required data for the company. Statistical economics involves some kind of techniques such as regression analysis which will help to forecast the uncertain situations in the company (Pappas, 1991). References Dean, J. (1968). Managerial economics. Prentice-Hall Of India Private Limited; New Delhi. Petersen, H. C., & Lewis, W. C. (1999). Managerial economics. Pappas, J. L., & Hirschey, M. (1991). Managerial economics. Harcourt College Pub. Shanthiveer Nandas ID:544197 1. Managerial economics applies economic theory and methods to business and administrative decision making. Managerial economics prescribes rules for improving managerial decisions. Managerial economics also helps managers recognize how economic forces affect organizations and describes the economic consequences of managerial behavior. It links economic concepts with quantitative methods to develop vital tools for managerial decision making. Evaluating Choice Alternatives Managerial economics identifies ways to efficiently achieve goals. For example, suppose a small business seeks rapid growth to reach a size that permits efficient use of national media advertising. Managerial economics can be used to identify pricing and production strategies to help meet this short-run objective quickly and effectively. Similarly, managerial economics provides production and marketing rules that permit the company to maximize net profits once it has achieved growth or market share objectives. 2. Importance of managerial economics to managers Managerial economics has applications in both profit and not-for-profit sectors. For example, an administrator of a nonprofit hospital strives to provide the best medical care possible given limited medical staff, equipment, and related resources. Using the tools and concepts of managerial economics, the administrator can determine the optimal allocation of these limited resources. In short, managerial economics helps managers arrive at a set of operating rules that aid in the efficient use of scarce human and capital resources. By following these rules, businesses, nonprofit organizations, and government agencies are able to meet objectives efficiently. 3. Making the Best Decision To establish appropriate decision rules, managers must understand the economic environment in which they operate. For example, a grocery retailer may offer consumers a highly price-sensitive product, such as milk, at an extremely low markup over cost—say, 1 percent to 2 percent—while offering less price-sensitive products, such as nonprescription drugs, at markups of as high as 40 percent over cost. Managerial economics describes the logic of this pricing practice with respect to the goal of profit maximization. Similarly, managerial economics reveals that auto import quotas reduce the availability of substitutes for domestically produced cars, raise auto prices, and create the possibility of monopoly profits for domestic manufacturers. It does not explain whether imposing quotas is good public policy; that is a decision involving broader political considerations. Managerial economics only describes the predictable economic consequences of such actions. Managerial economics offers a comprehensive application of economic theory and methodology to management decision making. It is as relevant to the management of government agencies, cooperatives, schools, hospitals, museums, and similar not-for-profit institutions as it is to the management of profit-oriented businesses. Although this text focuses primarily on business applications, it also includes examples and problems from the government and nonprofit sectors to illustrate the broad relevance of managerial economics. References: Hirschey, M. & Bentzen, E. (2016). Managerial economics. United Kimgdom: Annabel Alnscow. Gumel, B. (2015). Understanding the Concepts of Managerial Economics. 10.13140/RG.2.1.3505.5441.
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Attached.

Running head: MANAGERIAL ECONOMICS

Managerial Economics
Institutional Affiliation
Date

1

MANAGERIAL ECONOMICS

2

Janvi Rajiv Shah
Article 1: Role and Responsibilities of Managerial Economists: Empowering Business
through Methodology and Strategy
Managerial economists may at most empower their organizations by using some out of
the book's methods. Most of the managers are seen to mostly delegate tasks to employees thus
allowing them to think outside the box and solve the duty. This is to test and see the creativity of
their employees.
Article 2: Role of Managerial Economics in Competitive Edge Dynamic Business DecisionMaking Process
On issues like on competitive Edge Dynamic Business Decision- Making Process, a good
managerial economist will not just make blind decision-making process. The Managerial
economics would teach someone to encourage people's feedback or views from other people just
before making a big decision and weighing all of them with the ones he had in his mind. This
ensures that he has exhausted all of the possible solutions.
Article 3: Econom...


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