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Managerial Economics

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Unit - 1 Managerial economics is concerned with the application of economic principles and methodologies to the decision process with in the organization .it seeks to ... – PowerPoint PPT presentation

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Title: Managerial Economics


1
WELCOME TO
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2
Managerial Economics
  • Unit - 1

3
  • Managerial economics is concerned with the
    application of economic principles and
    methodologies to the decision process with in the
    organization .it seeks to establish rules and
    principles to facilitate the attainment of the
    desired economic goals of management. Douglas

4
Decision making
  • Decision making - It is the process of selecting
    best out of alternative opportunities open to the
    firm.

5
Characteristics of M. E.
  • Micro in nature
  • Based on the Theory of Markets and Private
    Enterprise
  • Goel-Oriented
  • Normative in nature
  • Macro analysis

6
Scope of M.E.
  • Theory of Demand
  • Theory of production
  • Analysis of market-structure and pricing
  • Profit Analysis and profit Measurement
  • Theory of capital and Investment decisions

7
Why do managers need to know managerial economics
(Significance)
  • Better management of resources
  • Helps in decision making and forward planning
  • Helps in understanding International Trade
  • Helps in understanding various policies and
    working of govt.
  • Goal of maximum profit
  • Economic forecast

8
Nature of M.E.
  • Economics as a Science
  • It is a systematic body of knowledge based on
    certain principles, capable of general
    application, which describes the relationships
    between a set of given causes and their effects.
    This knowledge is obtained through the process of
    observation, experimentation and testing.

9
It involves
  • Systematic body of knowledge
  • Scientific inquiry and observation
  • Experimentation
  • Universal truths

10
Economics as an Art
  • An art is system of rules for the attainment of a
    given end.
  • -Keynes

11
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