please tell me about the subject managerial economics
please tell me about the subject managerial economics
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Defination of Managerial Economics :- Managerial Economics is a combination of economics concept and economics analysis.It is a referred as business economics and main branch of economics deals with the microeconomics.
Managerial Economics is a method for resolve operations research works, programming and computation problems.Managerial Economics are divided into following areas :
>>> Determining input-combination and technology
>>> Choice of Product
>>> Price of Product
>>> Sales Promotions
>>> Selecting business areas
>>> Modification in Product quality
Business decision can be analyzed with managerial economics techniques,but it commonly applied for further analysis :
1) Production analysis
2) Pricing analysis
3) Risk analysis
Application of Economics to Business Management :- The application of economics to business management is the theoretical concept of economics is converted into actual business behaviour and conditions.
One another important application are economics quantities in decision making and forward planning.
hi..there are vast number of topics that can be covered in the managerial economics subject,i am giving you the list of some of the most important topics that are covered under this subject:
1.demand theory and analysis
2.regression techniques and demand estimation
3.cost theory and analysis
4. production and costs
5.business and economic forecasting
8.risk and capital budgeting
9.technological changes,location theory and taxes
10.linear programming and various other quantitative techniques
one of the best books that covers most of the above mentioned topics is the Pearson publishers nooks titled managerial economics and is written by petersen,lewis and jain
Subjects covered in Managerial Economics are :
Books for Managerial Economics are :
- Fundamental Economic Concepts
- Capital Budgeting
- Linear Programming
- Sensitivity Analsyis
- Project Scheduling
- Decision Analysis and Risk
- Markov Processes
- Game Theory
- Mechanism Design & Auctions
- Estimating Demand
- Managerial Economics by S Charles Maurice
- MANAGERIAL ECONOMICS by Ivan Png
- Managerial Economics by Pearson Graham
- MANAGERIAL ECONOMICS by William F Samuelson
- Managerial Economics by Barry P Keating
- Managerial Economics by H Craig Petersen
- Managerial Economics by Kumar N Mittal
Managerial economics is a study of application of managerial skills in economics,more over it help to find problems or obstacles in the business and provide solution for those problems.problems may be relating to costs,prices,forecasting the future market,human resource management,profits etc.
Managerial economics (also called business economics), is a branch of economics that applies microeconomic analysis to specific business decisions. As such, it bridges economic theory and economics in practice. It draws heavily from quantitative techniques such as regression analysis and correlation,Lagrangian calculus (linear). If there is a unifying theme that runs through most of managerial economics it is the attempt to optimize business decisions given the firm's objectives and given constraints imposed by scarcity, for example through the use of operations research and programming.
The topics covered under managerial economics are:
1. Nature and scope of managerial economics.
2.demand analysis and forecasting.
3.cost analysis (concepts, classifications & analysis)
4.production and supply analysis.
5.price and output decisions under market structure.
6.pricing policies & practices.
9.macro-economics and business decisions.
10.linear programming for economic analysis.
11.operations research techniques in managerial economics.
12.quantitative economics for management(econometrics & mathematical economics of the firm)
13.managerial economics in the context of globlization.
14.economic environment of business decision-making.
15.government and business.
Reference books of managerial economics are:
1.economics-samuelson & nordhaus
2.economic theory and operations analysis- willian j.baumol
3.principles of economics -a marshall
4.an introduction to positive economics-r.g lipsey
Managerial economics subject deals with the study of ;
Economic modes of managerial studies and
what is managerial economics ?
"Managerial Economics consists of the use of economic modes of thought to analyse business situation."
Managerial economics applies economic theory and methods to business and administrative
Managerial economics has applications in both profit and not-for-profit sectors. For example, an administrator of a nonprofit hospital strives to provide the best medical care possible given limited medical staff, equipment, and related resources.
Objective of this course is to understand the relevance of economics in business management.
This will enable you to study functional areas of management such as Marketing , production and Costing from a broader perspective.
Nature and Scope of Managerial Economics:
All managerial decisions are basically economic in nature. The decisions are either directly related to Economics or have economic implications. Managerial economics helps not only to analyze the economic content and implications of the managerial decisions but also to integrate several other aspects leading to sound decisions.
Managerial Economics is related to the following three major fields:
(1) Pricing (2) Distribution (3) Welfare.
Best books for managerial economics :
1. Managerial Economics - D.Salvatore
2. Managerial Economics - Mote, Paul and Gupta
3. Managerial Economics - Varshney and Maheshwari
4. A study of Managerial Economics - D.Gopalkrishna
5. Managerial Economics - D.C.Hauge
6. Managerial Economics - Reckie and Crooke
7. Managerial Economics - Gupta
All the best
Managerial Economics is a combination of economics concept and economic analysis.It is deals with micro and macro economic.main branch of economic deals with the micro economic.
b.Production, Cost, Efficiency
c.Supply and Demand
f. Uncertainty and game Theory
g. public sector
c.Fiscal policy and regulation
d.Inflation and monetary policy
Managerial Economics Define as "The integration of economic theory with business practice for the purpose of facilitating decision making and forward planning by management."
Managerial Economics include:
assessment of investible funds
selecting business area
determining optimum output
choice of product
determining price of product
Managerial Economics Subjects -
Fundamental Economic Concepts