Illustrates the Objectives of managerial economics
Illustrates the Objectives of managerial economics?
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Objectives: The fundamental objective of managerial economics is only to analyze the economic problems faced with the business. Several objectives are given here:
1. To integrate economic theory along with business practice. 2. To solve business problems, apply economic principles and concepts. 3. To assign the scares resources within the optimal way. 4. To create all-round development of a firm. 5. To reduce uncertainty and risk6. To assists in demand and sales forecasting. 7. To assist in profit maximization. 8. To assist to get the other objectives of the firm as expansion implementation of policies and industry leadership etc..
When a firm does not influence the wage rate no matter how many workers this hires, then: (1) MRPL = MRCL for all feasible output levels for the firm. (2) MRCL = MPPL for all feasible output levels for the firm. (3) MPPL = MRPL for all feasible output
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