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Describe the Managerial decisions
Managerial decisions are an important component in the working wheel of an organisation. The failure or success of a business depends upon the decisions taken by managers. Increasing complexity in business world has spewed forth greater challenges for managers. Today no business decision is bereft of influences from areas other than the economy. Decisions relevant to production and marketing of goods are shaped with a view of world both inside and outside the economy. Rapid changes in technology, greater emphasis on innovation in products along with processes that command influence over marketing and sales techniques have contributed to escalating complexity in business environment. This composite environment is coupled with a global market where input and product prices are have a propensity to fluctuate and remain volatile. These actors work in tandem to increase the difficulty in precisely evaluating and determining the outcome of a business decision. Such momentary environments give rise to a pressing need for sound economic analysis before making decisions.
Explain how managerial economics is useful for decision making
Management Decisions: An effective demand forecast assists the management to take suitable steps in factors which are relevant to decision making like plant capacity, raw-material
MEANING OF MANAGERIAL ECONOMICS Managerial economics which is used synonymously with business economics is a branch of economics which deals with application of microeconomic ana
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What is the formula of finding Fixed cost of a quadratic function
Describe ramsey pricing with detailed examples
The concept of isocost In the use of resources, firms are faced with opportunity cost. For every addition of say capital, they must forego a unit of say labour. Expositio
Environmental issues of Managerial economics Managerial economics also includes some aspects of macroeconomics. These relate to political and social environment in that anin
Determine the Managerial economics techniques Though the most frequent applications of these techniques are as below: Risk analysis: Numerous models are used to quantif
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