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Managerial economics aims to provide the tools and techniques to make informed decisions to maximize the profits and minimize the losses of a firm. [4] Managerial economics has use in many different business applications, although the most common focus areas are related to the risk, pricing, production and capital decisions a manager makes. [31]
Law of Demand is relied heavily upon by managerial economics, which is a branch of economics that applies microeconomic analysis to managerial decision-making, to make informed decisions on pricing, production, and marketing strategies.
The New Managerial Economics, Houghton Mifflin; Frank, R., Microeconomics and Behavior, 7th ed. (Mc-Graw-Hill) ISBN 978-0-07-126349-8. Frank, R and Bernanke, B Principles of Microeconomics, 3rd ed. (2007) McGraw-Hill. Krugman, P and R, Wells 2009 Microeconomics, 2nd ed. Worth; Landsburg, S 2002 Price Theory & Applications, 5th ed. South-Western.
Managerialism is the idea that professional managers should run organizations in line with organizational routines which produce controllable and measurable results. [1] [2] It applies the procedures of running a for-profit business to any organization, with an emphasis on control, [3] accountability, [4] measurement, strategic planning and the micromanagement of staff.
He has won many awards for outstanding teaching, and regularly teaches courses in managerial economics and industrial organization at the undergraduate, M.B.A., and Ph.D. level. As of July 2007, Baye has accepted a position to lead the Federal Trade Commission Bureau of Economics. As director, he advises the FTC on economic policy matters.
Management science (or managerial science) is a wide and interdisciplinary study of solving complex problems and making strategic decisions as it pertains to institutions, corporations, governments and other types of organizational entities.
Under the standard assumption of neoclassical economics that goods and services are continuously divisible, the marginal rates of substitution will be the same regardless of the direction of exchange, and will correspond to the slope of an indifference curve (more precisely, to the slope multiplied by −1) passing through the consumption bundle in question, at that point: mathematically, it ...
The HHI is a more widely used indicator in economics and government regulation. The index reflects not only the market share of large firms within the market, but also the market structure outside of large firms, and therefore, more accurately reflects the degree of influence of large firms on the market. [ 40 ]