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Managerial economics, also known as Business economics primarily deals with the study and application of concepts of economics and their analysis for the purpose of making rational decisions that will be beneficial for the enterprise in the long run along with the short run. This is a branch of economics that uses microeconomic analysis and makes a connection between theories and practices around economics. It is majorly based on quantitative techniques like regression analysis, correlation and calculus.
Managerial economics is a major part of any business. In current scenario, this is attracting a lot of attention as the managers are becoming more mindful of the potential of managerial economics in decision making process, and this potential is continuing to grow exponentially. So, what are the reasons for this increased role of managerial economics? There are few noted explanations.
Objectives of Managerial Economics as noted in present scenario
Managerial economics is the new craze in business world today. But what does it really intend to achieve and what are its objectives? Read along.
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The high knowledge of our managerial economics assignment help experts stresses on the idea that this field of study is based around the science of directing scarce resources to manage the cost in a more effective manner. Managerial economics is mainly studied under three broad headings – Competitive markets, Market power and Imperfect markets.
Irrespective of the market of the business, local or global, the same concepts of managerial economics are applicable across the entirety. Any enterprise or business trend can be analyzed according to the managerial economics concepts and principles.
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