Tag - managerial

Classify the managerial theories of firm and discuss each in brief.

Ans. Managerial theories may be broadly classified into three categories (i) Sales revenue maximization model by Bamoul (ii) Managerial utility models (iii) Growth maximization models. (i) Bamoul's Sales Revenue Maximizing Model-The digopolistic firms aim at maximizing their sales revenue. The main reasons for this are as follows (a) Health [...]

Explain the terms managerial economics, micro and macroeconomics.

Ans. However, managerial economics has been viewed differently by different scholars. Some of the popular definitions of managerial economics are given as below - (i) "In its most ordinary and common usage, managerial economics attempts to show how economics analysis can be used in formulating business policies. [...]

Explain the functions and responsibilities of managerial economist.

Ans. Functions - The specific functions of managerial economists are given below- (i) Capital projects (ii) Sales forecasting (iii) Analysis of underdeveloped economies (iv) Economic analysis of competing companies ( v) Industrial market research (vi) Pricing problems of industry (vii) Economic analysis of agriculture (viii) Production programmers (ix) Environmental forecasting (x) Advice on foreign [...]

What are the functions of managerial economist ?

Ans. The specific functions of managerial economists are given below- (i) Capital projects (ii) Sales forecasting (iii) Analysis of underdeveloped economies (iv) Economic analysis of competing companies ( v) Industrial market research (vi) Pricing problems of industry (vii) Economic analysis of agriculture (viii) Production programmers (ix) Environmental forecasting (x) Advice on foreign exchange.

“Managerial economics bridges the gap between economic theory and business practice”. Explain with examples.

Ans. Managerial economics is the economics that is applied in decision-making. Managerial economics serves as a link between abstract theory and managerial practice. It is based on economic analysis for recognizing problems, organizing information and evaluating alternatives. Economics as a science is related with the [...]

What type of role a managerial economist can play in business ?

Ans. A manager has the two primary tasks - making decisions and processing decision. Manager must be able to obtain, process and use information in order to make intelligent decisions. The objective of learning economic theory is to help managers know what managers should [...]

Define the term managerial economics and discuss its scope.

Ans. Managerial economics is the economics that is applied in decision-making. Managerial economics serves as a link between abstract theory and managerial practice. It is based on economic analysis for recognizing problems, organizing information and evaluating alternatives. Economics as a science is related with the [...]

What is the scope of managerial economics ? Explain in brief.

Ans: In so far as, managerial economics is concerned, the following aspects constitute its subject-matter - (i) Demand analysis and forecasting (ii) Cost analysis (iii) Production and supply analysis (iv) Pricing decisions, policies and practices (v) Profit management (vi) Capital management. (i) Demand Analysis and Forecasting - Demand analysis and forecasting is [...]

What are the principles of managerial economics ?

Ans. The basic principles of managerial economics are as follows - (i) Opportunity Cost Principle - According to this principle, the cost involved in any decision consists of the sacrifices of alternatives required by that decision. Lf there are no sacrifices, there are no opportunity [...]

Discuss the meaning and characteristics of managerial economics.

Ans. Managerial economics is the economics that is applied in decision-making. Managerial economics serves as a link between abstract theory and managerial practice. It is based on economic analysis for recognizing problems, organizing information and evaluating alternatives. Economics as a science is related with the [...]

What do you understand by managerial economics ? Discuss the salient steps for accurate managerial economics.

Ans. Managerial economics is the economics that is applied in decision-making. Managerial economics serves as a link between abstract theory and managerial practice. It is based on economic analysis for recognizing problems, organizing information and evaluating alternatives. Economics as a science is related with the [...]

What are the differences between managerial economics and traditional economics ?

Ans. The differences between managerial economics and traditional economics are as follows - (i) Managerial economics studies the activities of an individual firm. Its analysis of problems is micro in nature. But economics analyses problems both from micro and macro point of views. (ii) Economics deals mainly [...]