--%>
Assignment Help - homework help

Illustrates the Forward Planning in managerial economic

Does managerial economic as a tool for Forward Planning? Explain this term briefly.

E

Expert

Verified

Forward Planning: Future is not specified by any one. A firm is operating within the conditions of uncertainty and risk. Risk and uncertainty both can be minimized only by making precise forward and forecast planning. Managerial economics assists manager in forward planning forward planning implies making plans for the future further. A manager has to make plan for the future for example: Expansion of existing plants and so on. The study of macro economics gives managers a clear understanding regarding environment in that the business firm is working. The knowledge of different economic theories names are demands theory and supply theory etc also can be useful for future planning of supply and demand. Therefore managerial economics enables the manager to make plan for the future.

   Related Questions in Managerial Economics

  • Q : Employment Screening If job applicants

    If job applicants are asked for letters of recommendation and copies of their college transcripts, in that case a firm is practicing: (1) wage discrimination. (2) employment screening. (3) job signaling. (4) a structural employment system (5) credentialism.

  • Q : Wage Differentials by Adam Smith Adam

    Adam Smith would have had the greatest complexity in describing income differentials as depends on scarcity and productivity for the case wherein: (1) Holly lives into New York City and is paid more than Devin, who has a same job in K

    		•
  • Q : Evan J Douglass definition of

    What is the Evan J Douglas’s definition of Managerial economics?

    		•
  • Q : Elasticity of the Supply of Labor of

    This supply of labor worker is roughly unitarily wage elastic as the wage rate increases from: (1) $5 per hour to $10 per hour. (2) $5 per hour to $25 per hour. (3) $10 per hour to $25 per hour. (4) $10 per hour to $40 per hour. (5) $25.01 per hour to

    		•
  • Q : Part of the payment in economic rent

    Economic rent shows part of the payment for the utilization of: (w) landowners’ labor and capital to keep their land. (x) landowners’ buildings and equipment. (y) resources for that supplies are less than perfectly elastic. (z) any piece o

    		•
  • Q : Smoothing techniques or Exponential

    Explain about the term smoothing techniques.

    		•
  • Q : What are the levels of Demand

    What are the levels of Demand forecasting?

    		•
  • Q : Differentiate between Private Cost and

    Differentiate between Private Cost and Social Cost.

    		•
  • Q : Describe the term Incremental Revenue

    Describe the term Incremental Revenue in details.

    		•
  • Q : Maximize utility in competitive

    Within the competitive resource market model, all households are assumed to sell the employ of resources in attempts to maximize: (w) income. (x) utility. (y) employment. (z) social welfare. I need a good answer on

    		•