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MBS Managerial Economics features

Managerial economics are all interrelated to macro and micro economics which has similar content but it gives  illustrations that are required for managers to understand while running an office.

First lets understand the meaning of managerial economics and theories which are important for managers to lead an organization.


Features of Managerial economics

  1. Micro economic theories are all included in  this. There are any similarities between them as the manager has to deal with the limited resources of the firm and deal with the issues such as:
    What to produce?
    How to produce?
    What are the relative shares of each factor of production?
  2. Cause and effect that deals with the questions on what should be. Providing suggestions to managers about economic laws that can be practiced in the firm. It is a guide for the managers to make strategies for long term and short term policies for the organization.
  3.  It is more pragmatic in a sense that the mangers has to make absolute effort in decision making. Appropriate solution has to be implemented to tackle practical problems faced by the firm and with the help this economic theories mangers are able to answer those problems.
  4. It is more concern with the  business and it's factors. Therefore  it deals with small area of economics.
  5. There are some metrics that a manager has to calculate as economics is full of stats,math and it has conceptual theories. Conceptual theories are derved from the analysis data obtained from research works and can be generalized in decision making.

                                                 


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