Managerial Economics Assignment Help
The application of concepts that are related to economics, tools, theories, and methods, systems that play the leading role in aiding in solving the errors or problems that are related to practical areas in the field or department of the business is called managerial economics. The concept of managerial economics plays a central and prominent role in aiding the managers in making and choosing the right decision for the company or the organization. This concept of managerial economics also is seen as a link or bridge that connects the similarities between the factors or elements of theories and practices.
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The concept of managerial economics is also known as business economics. And it is not called business economics often but only in occasional times. The idea of managerial economics is considered to be one of the branches of economics that deals with the procedure of analyzing the microeconomic areas to implement methods of decision making in the field of business of the company or the organization or the management units that are related to the market. Like this, it connects the similarities between the factors or elements of economics or theories which are being implemented in the present time and date. It observes and withdraws ticks or tips from the policies or implementation of techniques that are quantitative for instance, correlation, calculus and analysis of regression.
Suppose if there was any theme which unifies the concept of managerial economics assignment which is being implemented or applied in most of the areas. The primary purpose of this theme that has the properties to unite is to aid in optimizing the decisions that are being taken or applied in the field of business of a company or an organization so that it could prevent it from the consequences of constraints that may occur due to the factors of scarcity. For instance, by using the methods of researching via operations, theories of games for the decisions of strategic kinds, programming is done or calculated in the areas of mathematics, various types of methods that are considered as a computational type of ways, etc.
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There are several areas or fields to which the concept of MBA managerial economics is connected. Those fields or regions are listed as follows;
- Selection of the area of the particular business.
- Promoting or marketing product services effectively and creatively.
- Choosing the right product, services or the item.
- Assessing the correct value of funds that are applied for investment in the company or the organization.
- Should be useful in the process of the determination of the output that leads to an effective way of optimizing the sales or productivity in the company or the organization.
Any decisions that are made or being implemented could be analyzed successfully and effectively by applying the techniques stated in the concept of managerial economics assignments MBA. Here are some of the conventional methods that are being used and implemented in the areas of the business of a particular company or the organization. They are;
Analysis of production:
To analyze the rate of production of a company or an organization it is necessary or essential to apply the techniques of microeconomics such as efficiency rate of production, the scale that measures the percentage of economies, allocation factors for optimum elements. The total cost of the output of the company or the organization and the estimated amount of damage that has been spent to function or to maintain the company or the organization.
Analysing the budget that is required for the capital areas:
By applying the method of finance, it is possible to analyze the purchasing rate and decisions of the company or the organization in its business areas or departments.
Analysis of pricing methods:
To analyze the ethics and practice of pricing in a company or an organization, it is prominent and important to study the process of pricing implemented and applied by them in the areas and departments of the business. For this, it is essential to understand the techniques of microeconomics which are being used and implemented in the making decisions by the price which includes methods such as transferring of pricing, pricing method applied in product joining, discrimination on the rate of prices fixed. Estimated percentage of analysis of the elasticity in the pricing and aid in setting the right method of pricing which will be capable of boosting the techniques of sales and productivity of the products or services that are being manufactured in the company or the organization.
Analysis of Risk factors:
To analyze the factors that are capable of causing risks in the rate of business or in the productivity of the company or the organization it is crucial and essential to understanding the various kinds of models being applied or implemented in the particular firm. There are different kinds of models that are being used and performed in the area or field of business of a firm. For instance, quantities of risk factors, information that is asymmetric and nature, to apply and implement the theories in the rules of decisions made that play the leading role in aiding in managing the risks.
The Scope of MBA Managerial Economics Study
A specific or particular level of the concept of the managerial economics could be guessed and determined as it is considered to be prospective. It is supposed to be prospective because it is capable of implementing an effective way of method or technique which has the eligibility to manage the problems or issues that are commonly spotted in the concept of the managerial economics. These problems that are often located in the idea of managerial economics could be of various departments or fields such as accounts, production, sales, etc. Some of these factors have been mentioned below as a neatly framed list.
- Decisions that are related to production.
- Activities that are related to economics in the human field or department.
- Issues of the environment.
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