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Eligibility for MBA: - If you have to do MBA then you will have to pass the Graduation with Minimum 50% marks from a recognized univers…

Managerial Economics-MBA TOPIC

Managerial Economics

MBA TOPIC| A specialized branch of economics is helpful in judicious Managerial decisions. This is an integration of economic theories and business practices that facilitate the management to make decisions and make future plans. It is also called 'business economics' or 'economics of firms'. Managerial economics is the study of economic principles, techniques and arguments that are used to solve the practical problems of business. Therefore, managerial economics is a part of economic science that is used to analyze business-related problems and make prudent business decisions.

Managerial Economics,MBAtopic in 2019,,MBA topic

The practical use of economics of economics is becoming increasingly popular in the solution of the increasing complexities of the modern world and in solving the heteral economic problems. Where the use of economic principles in analyzing and solving Managerial problems in the first commercial areas was limited, there is now the birth of Managerial economics with the development of mathematical methods of innovative concepts of economics, scientific methods and economic analysis. Provide practical solutions to solutions to commercial complex problems to the management by meeting their hopes and aspirations.(MBA TOPIC)
The economic theory expresses the functional relationship of two or more economic variables, which are based on given conditions. In the business decision-making, the use of related economic principles in business decision-making helps in three ways -

• (1) These principles explain the different economic concepts (cost, price, demand etc.), which are used in commercial analysis,
• (2) It determines related variables and provides specificity to the related data.
• (3) Studies of the relationship between two or more economic variables provide stability in making the right decision.
In this way, the use of economic principles leads to guidance in business problems, which makes decision making process strong and accurate, which makes possible the right decisions.

Managerial Economics and Conventional Economics :
Managerial Economics is a specialized branch of traditional economics, but still it differs from many perspectives from traditional economics. Conventional economics is a broad subject, Managerial economics is a branch of traditional economics, so the field of Managerial economics is limited. In economic economics, economic principles are only considered, whereas in economic economics economic principles are used to solve commercial problems. In this way, traditional economics is theoretical, while the administrative economics is practical. Analysis of demand and fulfillment in traditional economics is done in the context of the economy of whole economics, whereas in administrative economics analysis of demand and fulfillment is only related to a firm or organization.

Conventional economics is an old topic, while administrative economics is a new topic. Concepts of traditional economics are hypothetical, while the assumptions of Managerial economics are practical. In traditional economics, levitation, interest, national income and business cycle are studied, while not studied in managerial economics. Traditional economics is studied in the economic activities of the individual, society, firm and nation, whereas in administrative economics only the economic activities of the firm are studied.

Both the microbiological and macroeconomics are studied in traditional economics, whereas in administrative economics, only microbiology is studied and that part of macroeconomics is studied which affects the firm. Conventional economics is more related to descriptive subject, whereas the administrative instructional subject matter is more.(MBA TOPIC)

Theories are only analyzed in conventional economics, whereas in Managerial economics, it is used in the planning and decision making of the firm, solutions to their firm problems, along with the analysis of economic theories. In conventional economics, all the principles of distribution and levitation, wages, interest and profit are studied, whereas in the Managerial economics only one principle of distribution is given, as the benefit is studied.

For more details of ECONOMICS, visit- list of  MANAGERIAL ECONOMICS
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