--%>

Illustrates the Objectives of managerial economics

Illustrates the Objectives of managerial economics?

E

Expert

Verified

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 risk
6. 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..

   Related Questions in Managerial Economics

  • Q : Illustrates the steps in formulating

    Illustrates the steps in formulating pricing policies in details?

  • Q : Formulate the Cross Elasticity of demand

    Formulate the Cross Elasticity of demand?

  • Q : Hiring additional workers exceeds the

    One purpose that firms hire labor at the point where w is equal to P x MPPL is: (1) if w < P x MPPL, the cost (w) of hiring additional workers exceeds the gains (P x MPPL) of hiring them, therefore they would hire fewer workers. (2) when w > P x

  • Q : Offsets the amount of revenue to added

    Profit maximizing firms will adjust their employment of labor till the last employee hired adds: (w) more to the firm’s revenue than this adds to cost. (x) more to the firm’s cost than this adds to the firm’s revenue. (y) an amount o

  • Q : Supply of certain types of labor The

    The supply of certain types of labor is determined through the: (w) skills of potential workers. (x) the availability of other workers. (y) the prices of output. (z) production technology. I need a good answer on the topic of

  • Q : Wage Flexibility An assumption

    An assumption regarding purely competitive labor markets to make sure market clearing is which: (w) firms maximize profit. (x) individuals and households maximize utility. (y) wages and prices are flexible. (z) trade unions engage in collective bargai

  • Q : Advantages and disadvantages of Trend

    What are the advantages and disadvantages of trend projection method?

  • Q : Managerial Economics according to

    Illustrates the managerial Economics according to Spencer and Siegleman?

  • Q : Value of the Marginal Product The value

    The value of marginal product of a variable resource is marginal physical product of it multiplied with: (w) the marginal revenue from the sale of its addition to output. (x) its cost. (y) the price of the product. (z) one.

  • Q : Value of marginal product and wage rate

    Profit maximizing competitive firms will competitively hire supplied labor up to that point where VMP is: (w) is at its maximum. (x) equals the wage rate. (y) minus MRP is minimized. (z) minus W is at its maximum.