Illustrates the Forward Planning in managerial economic
Does managerial economic as a tool for Forward Planning? Explain this term briefly.
Expert
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.
What is Demand Forecasting?
Explain the Exceptional Demand Curve.
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Illustrates the reasons for charging skimming price strategy?
Illustrates the Modern Definition?
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what are the criteria for good forecasting
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