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Scope of Managerial Economics

23/10/2016 0 0 View Comments

Managerial economics is concerned with economic behaviour of the firm.Teh main focus in managerial economics is to find an optimal solution to a given managerial problem.Main areas where application of principles and concept of managerial economics are made is as below:

1. Demand decisions and demand forecasting.

2. Input output decisions (under production function (Laws of returns to scale))

3.Cost classification and behaviour and cost analysis

4.Price output decisions

5. Profit -related decisions and theories of profit

6.Investment decision and capital budgeting (keeping time value concept)

7. Economic forecasting and forward planning.

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