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Managerial economics assignment help is a medium to get your assignment done the correct way. The complexities of the subject matter often make managerial economics assignments a difficult task for students. Seeking help from a professional expert can help you overcome the difficulties in assignment writing and make it much easier for you to score higher grades in managerial economics.
Managerial economics is the amalgamation of economics theory and business practices. The principles and theories of managerial economics help managers find rational solutions to the various problems faced in a firm. Managerial economics can be called science that helps managers in using scarce resources for the best possible outcomes. Most decision-making in a firm depends on managerial economic practices. It includes statistical tools, analytical techniques and problem-solving that help managers in taking decisions.
Managerial economics is different from microeconomics and macroeconomics. It has a more narrow scope of solving managerial problems using microeconomics. Whenever there are scarce resources, managers make use of managerial economics to take effective decisions regarding customers, suppliers, competitors and within the organisation. The scope of managerial economics includes:
Managerial economics deals with the bigger questions like what the firm is, what is it all about, what are its objectives, and so on.
Managerial Economics includes 5 different principles that help in decision making:
Marginal and Incremental Principle: According to this principle, a decision is said to be rational and sound if it leads to profit for the firm in the following scenarios:
Equi-marginal Principle: According to this principle, a consumer will reach the stage of equilibrium when the marginal utilities of various commodities he consumes are equal.
Opportunity Cost Principle: According to this principle, a firm can hire a factor of production if and only if that factor earns a reward in that occupation/job equal to or greater than its opportunity cost. Opportunity cost is the minimum price that would be necessary to retain a factoring service in its given use.
Time Perspective Principle: According to this principle, a manager/decision maker should give due emphasis, both to the short-term and long-term impact of his decisions, giving apt significance to the different periods before reaching any decision.
Discounting Principle: According to this principle, if a decision affects costs and revenues, in the long run, all those costs and revenues must be discounted to present values before a valid comparison of alternatives is possible.
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