State the application of managerial economics, Managerial Economics

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APPLICATION OF MANAGERIAL ECONOMICS

Tools of managerial economics can be used to accomplish virtually all the goals of a business organisation in an efficient manner. Typical managerial decision-making may involve one of the below issues: 

  • Decisions concerning to the price of a product and quantity of the commodity to be produced.
  • Decisions regarding manufacturing product/component/part or outsourcing to/purchasing from another manufacturer
  • Choosing the production technique to be used in the production of a given product
  • Decisions related the level of inventory of a product or raw material a firm will maintain
  • Decisions concerning the medium of advertising and intensity of the advertising campaign
  • Decisions relevant to training and employment
  • Decisions regarding further business investment and modes of financing the investment.

 


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