Operational or internal issues of managerial economics
What are the operational or internal issues of managerial economics?
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The following aspects may said to be fall under internal issues:
i. Demand analysis and Forecasting: The demands for the firm’s product would change in with the change in price, consumer’s income, his taste etc. which are the determinants of demand. ii. Cost analysis: Assessment of cost is an essential part of managerial problems. iii. Pricing Decisions: The firms try to earn profit which depends upon correctness of pricing decisions. iv. Profit Analysis: All business organisations which are working for profit, it is considered an important measure of success. v. Capital budgeting: The manager has to estimate correctly profitability of an investment and to properly allocate the capital. vi. Production and supply analysis: Production analysis is proceeds in physical terms while cost analysis proceeds in monitory term.
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What did professor Marshall illustrates about Law of Demand? Answer: According to Marshall “the amount demanded raises along with reduces in price and diminish
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