It is an elementary tutorial and you can easily understand the concepts explained here with a basic knowledge of management studies.
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Managerial economics is concerned with the application of economic concepts and economic analysis to the problems of formulating rational managerial decisions. This tutorial covers most of the topics of managerial economics including micro, macro, and managerial economic relationship; demand forecasting, production and cost analysis, market structure and pricing theory.
This tutorial is aimed at management students having a basic understanding of business concepts. It will give them an in-depth overview of the major topics of management economics.
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A close interrelationship between management and economics had led to the development of managerial economics. Economic analysis is required for various concepts such as demand, profit, cost, and competition. In this way, managerial economics is considered as economics applied to “problems of choice’’ or alternatives and allocation of scarce resources by the firms.
Business firms are a combination of manpower, financial, and physical resources which help in making managerial decisions. Societies can be classified into two main categories − production and consumption. Firms are the economic entities and are on the production side, whereas consumers are on the consumption side.
Economic analysis is the most crucial phase in managerial economics. A manager has to collect and study the economic data of the environment in which a firm operates. He has to conduct a detailed statistical analysis in order to do research on industrial markets. T
Regression is a statistical technique that helps in qualifying the relationship between the interrelated economic variables. The first step involves estimating the coefficient of the independent variable and then measuring the reliability of the estimated coefficient. This requires formulating a hypothesis, and based on the hypothesis, we can create a function.
In economics, a market refers to the collective activity of buyers and sellers for a particular product or service.
The ‘Law Of Demand’ states that, all other factors being equal, as the price of a good or service increases, consumer demand for the good or service will decrease, and vice versa.
Demand is a widely used term, and in common is considered synonymous with terms like ‘want’ or ‘desire’. In economics, demand has a definite meaning which is different from ordinary use. In this chapter, we will explain what demand from the consumer’s point of view is and analyze demand from the firm perspective.
In economics, production theory explains the principles in which the business has to take decisions on how much of each commodity it sells and how much it produces and also how much of raw material ie., fixed capital and labor it employs and how much it will use. It defines the relationships between the prices of the commodities and productive factors on one hand and the quantities of these commodities and productive factors that are produced on the other hand.
In managerial economics another area which is of great importance is cost of production. The cost which a firm incurs in the process of production of its goods and services is an important variable for decision making. Total cost together with total revenue determines the profit level of a business. In order to maximize profits a firm endeavors to increase its revenue and lower its costs.
Price determination is one of the most crucial aspects in economics. Business managers are expected to make perfect decisions based on their knowledge and judgment. Since every economic activity in the market is measured as per price, it is important to know the concepts and theories related to pricing. Pricing discusses the rationale and assumptions behind pricing decisions. It analyzes unique market needs and discusses how business managers reach upon final pricing decisions.
Pricing is the process of determining what a company will receive in exchange for its product or service. A business can use a variety of pricing strategies when selling a product or service. The price can be set to maximize profitability for each unit sold or from the market overall. It can be used to defend an existing market from new entrants, to increase market share within a market or to enter a new market.
Capital Budgeting is the process by which the firm decides which long-term investments to make. Capital Budgeting projects, i.e., potential long-term investments, are expected to generate cash flows over several years.
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