Managerial economic is concerned with decision making at the firm level.
Decision making problems faced by business firms:
• To identify the alternative courses of action of achieving given objectives.
• To select the course of action that achieves the objectives in the economically most efficient way.
• To implement the selected course of action in a right way to achieve the business objectives.
The prime function of management is Decision making and forward planning. Forward planning goes hand in hand with decision making. Forward planning means establishing plans for the future
Decision making problems faced by business firms:
• To identify the alternative courses of action of achieving given objectives.
• To select the course of action that achieves the objectives in the economically most efficient way.
• To implement the selected course of action in a right way to achieve the business objectives.
The prime function of management is Decision making and forward planning. Forward planning goes hand in hand with decision making. Forward planning means establishing plans for the future
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