--%>
Assignment Help - homework help

Explain characteristics of managerial or business economics

Explain the chief characteristics of managerial or business economics.

E

Expert

Verified

The significant features of managerial economics are as follows:

1) Managerial economics is type of Micro economic in character. Since it studies the problems of a business firm not the whole economy.

2) Managerial economics mainly uses the body of economic principles and concepts that is termed as “Economics of the firm” or “Theory of the Firm”.

3) It is pragmatic. This is purely practical oriented. Therefore Managerial economics considers the specially environment of a firm or business for decision making.

4) Managerial economics is Normative quite than positive economics (descriptive economics). It is prescriptive to solve exact business problem by giving importance to firms objectives and aim.

5)  Macro economics is also helpful to managerial economics since this gives intelligent understanding of the environment in that the business is operating.

6)  This is management oriented.

   Related Questions in Managerial Economics

  • Q : Substitution Consequence on Labor Supply

    The substitution consequence on labor supply decision of an individual is more powerful than the income effect while: (1) higher wage rates result within increased hours worked. (2) cuts in wage rates yield discouraged worker effects. (3) the supply c

    		•
  • Q : Describe why firms may shut down

    If a perfectly competitive firm determines that its market price is below its minimum average variable cost, this will sell: w) the output where marginal revenue equivalents marginal cost. x) any positive output the entrepreneur decid

    		•
  • Q : Where managerial economics treat as a

    Where managerial economics treat as a tool? Answer: Managerial economics is like a tool for decision making and forward planning.

    		•
  • Q : Explain the meaning of price Explain

    Explain the meaning of price.

    		•
  • Q : Increases in labor force participation

    When this purely competitive labor market is primarily in equilibrium at D0L, S0L, a move to equilibrium at D0L, S1L would be probably to follow from increases in: (w) rates of technological advance. (x) the cost of living. (y) labor force participati

    		•
  • Q : Illustration of Screening Nick responds

    Nick responds “help wanted” that ads by making phone calls and scheduling interviews. If a prospective employer asks for a resume and queries Nick regarding his references and skills, in that case the firms are practicing an illustration of: (i) signaling.

    		•
  • Q : Define the term full cost concept

    Define the term full cost concept.

    		•
  • Q : Explain the Cross elasticity of demand

    Explain the Cross elasticity of demand.

    		•
  • Q : HW Hello, Would you please find a small

    Hello, Would you please find a small case study in managerial economics. please I don't want the typical solution because the prof have it. thanks

    		•
  • Q : Requirements for Food production I have

    I have a problem in economics on Diminishing Returns. Please help me in the following question. In a completely employed food-and-clothing economy, equivalent successive raises in food production will ultimately need successively: (i) Larger increases

    		•