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Managerial Economics - Coggle Diagram
Managerial Economics
Scope Of Managerial Economics
Strategic Planning
Theory of Demand and Demand Forecasting
Cost Analysis
Resource Allocation
Profit Analysis
Capital/Investment Analysis
Operational/Internal
Scope Of Managerial Economics
Trends In Working Of Financial Institutions
Magnitude and Trend In Foreign Trade
General Trends In Production
Trend In Labor Market
Type Of Economic System
Government Economic Policies
Environmental/External
Characteristics Of Managerial Economics
Normative
economics
Pragmatic
Optimal
solution
Uses theory
of firms
Science as
well as art.
7.Takes Help Of Macro Economics
Micro
economics.
Management
Oriented.
Application of Managerial Economics
7 Applications
Selection of location to produce & sell goods &
services.
Promotional strategy & activities.
Determination of Best Price and Quantity Combination
Selection of product & services to be produced
Choice Of Resource Combination
Selecting of investible funds.
Choice Of Production Method
Concepts And Theories Used In Managerial Economics
Concepts
Cost
Competition
Supply
Market Structures
Demand
Theories
Theory of Cost
Theory of Consumer
Behavior
Theory of Markets &
Pricing
Theory of Profit (
Distribution
Theory of Firms
Role of Managerial Economist
Conducting elaborate statistical analysis
Providing Economic Information
Conducting research on industrial market.
Making Research reports
Making decisions regarding allocation of
organisational resources.
Analyzing Changes In Macro-Economic Indicators
Carrying cost-benefit analysis.
Advicing the management on public relations,
foreign exchange, and trade.
Assisting startegic business planning.
Undertaking economic analysis of competitors.
Examining probabilities of transforming business.
Analyzing macro economic patterns and its
effects on firms
Importance Of Managerial Economics
Useful In Demand forcasting.
Useful in Coordination of Business Activities
Helpful in Profit Planning and Control
Helpful for Business Prediction
Helpful in Cost Control
Helpful in Price Determination.
Help in Business Planning
Helpful in Solutions of Business Taxation
Problems.
Helpful in Chalking Out Business Policies
Useful in Understanding the mechanism of
Economic System
Useful in Business Organization