economics_for_manager, Role in market equilibrium.

May 20th, 2015
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Aberystwyth University
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Managerial Economics is a fundamental academic subject which seeks to understand and to analyze the problems of business decision taking.”

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MANAGERIAL ECONOMICS1.2.3.4.Definitions:Managerial Economics is a fundamental academicsubject which seeks to understand and to analyze theproblems of business decision taking. (D.C.Hayue)It is the study of the allocation of the resourcesavailable to a firm or other unit of managementamong the activities of that unit. (W.W.Haynes)Managerial Economics is the integration of economictheory with business practice for the purpose offacilitating decision making and forward planning bymanagement. (Milton Spencer and Louis Siegelman)It is the application of economic theory to businessmanagement.Direct concerned with real people in real business situations.Decision making through M.E. is to be more professional,efficient and effective.Its more meaningful, as co-ordinate with other branches ofmanagement.Provides necessary skill to achieve business goal.It concerns with the interaction between the internal operations ofbusiness firm and the economic environment.It enlarge the firms product with better understanding of market.Most managerial decisions are made under the condition ofuncertainty of future.Nature of the M.Economics1. academic subjectEconomic Rational of Business administrationAllocation of resourcesMicro-economic natureTheory of the firmMarket conditionsMacro settingProfit and pricingBasis for Decision-makingPragmatic appr

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