State the application of managerial economics, Managerial Economics

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APPLICATION OF MANAGERIAL ECONOMICS

Tools of managerial economics can be used to accomplish virtually all the goals of a business organisation in an efficient manner. Typical managerial decision-making may involve one of the below issues:

Decisions concerning to the price of a product and quantity of the commodity to be produced.
Decisions regarding manufacturing product/component/part or outsourcing to/purchasing from another manufacturer
Choosing the production technique to be used in the production of a given product
Decisions related the level of inventory of a product or raw material a firm will maintain
Decisions concerning the medium of advertising and intensity of the advertising campaign
Decisions relevant to training and employment
Decisions regarding further business investment and modes of financing the investment.

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