Economic and managerial economic:
Economics contributes a great deal towards the performance of managerial duties and responsibilities. Just as the biology contributes to the medical profession and physics to engineering, economics contributes to the
managerial profession.
All other qualifications being same, managers with working knowledge of economics can perform their function more efficiently than those without it.
What is the basic function of the managers of the business?
As you all know that the basic function of the manager of the firm is to achieve the organizational objectives to the maximum possible extent with the limited resources placed at their disposal.
Economics contributes a lot to the managerial economics.
Mathematics and managerial economics:
Mathematics in ME has an important role to play. Businessmen deal primarily with concepts that are essentially quantitative in nature e.g. demand, price, cost, wages etc.
The use of mathematical logic I the analysis of economic variable provides not only clarity of concepts but also a logical and systematical framework.
Statistics and managerial economics:
Statistical tools are a great aid in business decision making. Statistical techniques are used in collecting processing and analyzing business data, testing and validity of economics laws with the real economic phenomenon before they are applied to business analysis.
The statistical tools for e.g. theory of probability, forecasting techniques, and regression analysis help the decision makers in predicting the future course of economic events and probable outcome of their business decision.
Statistics is important to managerial economics in several ways. ME calls for marshalling of quantitative data and reaching useful measures of appropriate relationship involves in decision making.
Economics contributes a great deal towards the performance of managerial duties and responsibilities. Just as the biology contributes to the medical profession and physics to engineering, economics contributes to the
managerial profession.
All other qualifications being same, managers with working knowledge of economics can perform their function more efficiently than those without it.
What is the basic function of the managers of the business?
As you all know that the basic function of the manager of the firm is to achieve the organizational objectives to the maximum possible extent with the limited resources placed at their disposal.
Economics contributes a lot to the managerial economics.
Mathematics and managerial economics:
Mathematics in ME has an important role to play. Businessmen deal primarily with concepts that are essentially quantitative in nature e.g. demand, price, cost, wages etc.
The use of mathematical logic I the analysis of economic variable provides not only clarity of concepts but also a logical and systematical framework.
Statistics and managerial economics:
Statistical tools are a great aid in business decision making. Statistical techniques are used in collecting processing and analyzing business data, testing and validity of economics laws with the real economic phenomenon before they are applied to business analysis.
The statistical tools for e.g. theory of probability, forecasting techniques, and regression analysis help the decision makers in predicting the future course of economic events and probable outcome of their business decision.
Statistics is important to managerial economics in several ways. ME calls for marshalling of quantitative data and reaching useful measures of appropriate relationship involves in decision making.
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