assignment on managerial economics

84 Managerial Economics Essay Topic Ideas & Examples

🏆 best managerial economics topic ideas & essay examples, 🔎 good research topics about managerial economics, 👍 simple & easy managerial economics essay titles, ❓ managerial economics essay questions.

• Louis Vuitton Company’ Managerial Economic As the analysis of the company’s current position in the retail market and the strategies adopted by its leader show, LV will have to alter some of its marketing and leadership-related principles as well as […]
• Managerial Economics: Tesla, Inc. It reflects on Tesla’s position in the market of electric vehicles and presents the analysis of the company’s decision to reduce its workforce. We will write a custom essay specifically for you by our professional experts 808 writers online Learn More
• Marginal Analysis: Managerial Economics It is based on the study of the causal relationship between sales, costs, and profit and the division of costs into fixed and variable.
• Managerial Economics: Unilever Corporation Market demand, which refers to the demand for a group of products that represent industry, is distinguishable from company demand and the demand of a control unit.
• Bank of America: Managerial Economics and Analysis The article also integrates how the economic situation of today affects the strategic decisions made by the company and the managerial economics exhibited in the company.
• The Epix Firm’s Managerial Economics and Business Strategy Currently, the subscribers in the movie channels are price sensitive and less likely to see the value of the new program tiers or media channels.
• Strategic Bargaining in Managerial Economics The bargaining party with the most leverage stands to gain a 75% advantage from the negotiations if they choose to commit to a strategy in a “game of chicken”.
• Managerial Economics: Pepsi Cola Company Whether the conflict between the three divisions hinder the company to compete in the market; Whether the present structure is cost-competitive; and Whether the present organizational structure will be able to meet the challenge posed […]
• Global Managerial Economics in Different Nations Nations more open to the world economy score above the less globalized countries in respect for the rule of law and protection of property rights.
• Managerial Economics: Solving the Principal Agent Problem The five forces framework is aimed to analyze the level of competition within a particular industry in order to draw conclusions about the profitability of this industry and, consequently, the profitability of organizations that operate […]
• Managerial Economics Conceptions Therefore, it will appear that the total amount of the fee is $20,000 and that the student pays less than half of the fees.
• Managerial Economics: Creating and Capturing Value Value could be created by lowering the cost of production and changing the prices of substitutes to increase demand. The first step is to diagnose the cause of the conflict by listening to the involved […]
• Managerial Economics and Its Principles It is the cost assigned to one unit of the product produced by the company. In such a market, the MR curve is horizontal, and it is equal to the price.
• Private Aviation in Managerial Economic Analysis In 2008, the demand for the jets that are usually used in private aviation was extremely high. The price of the jets that are often used in private aviation tends to change.
• Managerial Economics and Organizational Architecture Leadership is essential not only in the proactive transformational change within the organization but also in the achievement of the organizational goals and objectives.
• Etihad Airways Company Managerial Economics The ruler of Abu Dhabi appoints the chief executive of the airline who in turn runs the affairs of the airline. The second competitive advantage of Etihad Airways is the preferential treatment the airline receives […]
• Managerial Economic Opportunity Cost The first part covers the definition of opportunity cost and an example of a situation that gives rise to opportunity cost.
• Managerial Economics – A Pharmaceutical Company There are also other factors to take into consideration, such as the market value of a future product and the costs of the research.
• Managerial Economics and Demand Effective demand refers to the desire to buy, the willingness to pay, and the ability to pay for goods and services.
• Applied Managerial Economics: SWOT Analysis
• Who Are the Biggest People Involved With Managerial Economics?
• Managerial Economics: Summary and Perspectives
• Can Managerial Economics Aid the Chief Executive Officer?
• What Are the Top Managerial Economics Theories That Are Used?
• Managerial Economics: Use, Advantages, and Disadvantages
• Difference Between Economics and Managerial Economics
• How Managerial Economics Affect a Publicly Traded Firm
• Managerial Economics: Analyzing Strategic Behavior in Business
• The Relationships Between Managerial Economics and Business Strategy
• Correlations of Managerial Economics and Capital Budgeting
• Managerial Economics and Corporate Governance in Heineken
• The Link Between Managerial Economics and Global Competition
• How Understanding Managerial Economics Can Help Managers in Global Environments
• Self-Education of Entrepreneurs in Managerial Economics Concepts to Run Successful Enterprises
• Difference Between Theoretical Managerial Economics Strategies and Real-World Solutions
• Teaching Managerial Economics in Higher Education – Practices and Challenges
• Link Between Managerial Economics and Business Strategies and Formulating Implications
• Firm Strategic Management Through the Resource-Based Lens
• Managerial Economics and Implications for Agricultural Decision Making
• Managerial Economics and Its Application in Banking Sector
• The Relations Between Managerial Economics and Organizational Architecture
• Managerial Economics: Perfect Competition and Monopoly
• Mezzo Economics Analitycal Approach as the Propulsive Part of Managerial Economics
• The Nature and Scope of Managerial Economics
• Applying Managerial Economics in Practice
• The Biggest Technological Breakthroughs With Regards to Managerial Economics
• Type of Professionals Work in the Managerial Economics Space
• How Can Managerial Economics Be Improved in the Future?
• Analyzing the Importance of Managerial Economics
• Managerial Economic Perspective of the Maker of Tutor’s Frozen Feasts
• The Place of Managerial Economics in the 21st Century
• Comparing and Analyzing Different Tools of Managerial Economics
• Overview of the Global Managerial Economics in the Current World
• Analyzing the Most Effective Solutions for Managerial Economics
• The Interplay of Intuition, Luck, and Knowledge in Factor Markets in Emerging Economies
• Gender Impact on Execution of Business Strategy for Effective Economics Performance
• The Compatibility Between Organizational Theory and Managerial Economics Frameworks
• Using Managerial Economics Models for Decision Support Systems in Service Industries
• Managerial Economics and Implications for Facilities Management in Community Environments
• What Is the Difference Between Economics and Managerial Economics?
• Is Managerial Economics a Branch of Economics?
• What Is the Nature and Scope of Managerial Economics?
• How Many Types of Managerial Economics Are There?
• What Is Managerial Economics Related With?
• Who Is the Father of Managerial Economics?
• What Are the Limitations of Managerial Economics?
• Is There a Relationship Between Managerial Economics and Statistics?
• What Are the Different Areas of Managerial Economics?
• How Is Managerial Economics Used in Decision-Making?
• What Are the Central Problems of an Economy in Managerial Economics?
• What Is the Role and Responsibility of Managerial Economics?
• Can Novice Entrepreneurs Self-Educate Themselves in Managerial Economics Concepts Run Successful Enterprises?
• What Is the Application of Managerial Economics?
• How Many Basic Concepts Are There in Managerial Economics?
• What Is the Law of Demand in Managerial Economics?
• What Is the Difference Between Managerial Economics and Economic Theory?
• Is Managerial Economics Applied in Decision-Making?
• What Are the Basic Concepts of Managerial Economics?
• How Can Self-Help Books on Managerial Economics Help Businessmen to Diagnose Issues and Arrive at Practical Solutions?
• What Are the Uses and Importance of Managerial Economics?
• What Are the Tools of Managerial Economics?
• Are There Similarities Between Managerial Economics and Managerial Accounting?
• What Is the Nature of Managerial Economics?
• What Is the Role of Managerial Economics in Business?
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ECON 41900: Managerial Economics

Instructor:  Dr. Amlan Mitra Online Meeting:  Blackboard (August 22, 2016 – December 17, 2016) Office:  Classroom Office Building, CLO 248 Office Hours:  Mon/Wed: Noon-1:50 P.M.; and by appointment Telephone:  (219)989-2313 E-mail:  [email protected]

University Catalog Description

A comprehensive treatment of economic theory and analysis applied to business decisions. Both qualitative techniques are applied to managerial decision making situations. Emphasis is placed on applications of economic concepts and processes to practical business situations.

Prerequisite:  ECON 251, MGMT 225.

Course Description and Overall Goal

This is a distance learning course in Managerial Economics.  It is designed to provide a solid foundation of economic understanding for use in managerial decision-making.  The overall goal of this course is to guide students on the use of managerial economics tools and techniques in specific business settings.  The course will offer a comprehensive treatment of economic theory and analysis, using both qualitative and quantitative tools and techniques (e.g. forecasting and estimation techniques) associated with the theory.  Examples and problems discussed in the class will illustrate the application of economic thinking to a wide variety of practical situations.  Students are recommended to actively participate in all assignments.   

Expected Background

You are expected to be familiar with the basic concepts of microeconomics, basic algebra, differential calculus, and business statistics.  While we will review almost all basic concepts in class, you may want to jump on any background topics that you may have found difficult to understand in the past.  From differential calculus, you must be able to do simple derivatives.  Look for review materials and exercises in the “Lecture Materials” of the Course Homepage.

Required Textbook

Loose-Leaf Managerial Economics and Business Strategy With CONNECT (The Mcgraw-Hill Series Economics) 8th Edition.  By   Michael Baye  (Author),  Jeff Prince  (Author)

Publisher:  McGraw-Hill Education; 8 th  Edition, 2014

ISBN:    9780077413859     

Connect and LearnSmart

Use the access code to register for CONNECT by visiting the following link:

http://connect.mheducation.com/class/a – mitra – smartstart – course_2

You should have full access to the following materials.

LearnSmart (SmartBook w/ Learning Resources: Mobile access to study tools like key terms, math review, self quizzes, and chapter summaries. Mobile access to chapter resources such as web buttons, student PowerPoint slides, and worked problems).

Recommended Readings

Wall Street Journal, Fortune, Business Week, Economist, Financial World, & similar publications.

Learning Objectives

ASSESSMENT OF LEARNING OBJECTIVES:

Completing assigned readings, quizzes, lab exercises, case studies, group presentations, term project, and a comprehensive final exam are the basic requirements to meet the five learning objectives.   Each of these five learning objectives will be assessed in the following way:

Learning Modules

Student Evaluation :

Completing assigned readings, scheduled quizzes, lab exercises, case studies, and a term paper are the basic requirements to meet our course objectives.   Grading procedure: Plus minus grading system will be used  for the course based on your overall points.

Course Participation Grade up to 50 points is possible for completing all online assignments (including homework and discussion board assignments) according to the following criteria:

All satisfactory (S) assignments: 50 points.  For each unsatisfactory (U) assignment 5 points will be deducted.  So, if you receive 2 U’s you will get 40 points.  If you receive 10 U’s you will receive a “zero” in course participation.      

EXCEL SPREADSHEET ASSIGNMENTS

There will be five Excel Spreadsheet Assignments from the five learning modules.  These assignments will be on solving managerial problems using the managerial economics concepts and quantitative business tools.  The purpose of these assignments is to prepare you for the quizzes.

There will be five quizzes from the five learning modules.  Each Excel Spreadsheet Assignment will be followed by a quiz.

Case Studies

There will be five case studies of involving managerial decision making in business firms and industries.  You will be asked to examine each case study to identify and analyze the major managerial decision problems.

A Note on Academic Honesty

Honesty and integrity in academic and personal pursuits are hallmarks of higher education. By acting honestly and with integrity, students maintain and uphold their own reputations, and the reputation of both the School of Management and the University. The Students Handbook states that “the commitment of the acts of cheating, lying, stealing and deceit in any of their diverse forms (such as the use of ghost-written papers, use of substitutes for taking examinations, the use of illegal cribs, plagiarism, and copying during exams) is dishonest.” Also, aiding and abetting in committing dishonest acts is in itself dishonest. The penalty for any student(s) involved in any of such acts will range from an outright zero in the specific assignment the act was committed to a grade of “F” in the course.

Students with Disabilities

In compliance with the Americans with Disabilities Act (ADA), all qualified students enrolled in this course are entitled to reasonable accommodations. It is the student’s responsibility to inform the instructor of any special needs before the end of the second week of class.

EMERGENCY PROCEDURE GUIDE :  Please read the university emergency procedure guide.

CLASS MEETING SCHEDULE (SUBJECT TO CHANGE):

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1: Introduction to Managerial Economics

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• 1.1: Why Managerial Economics is Relevent for Managers We rely on others in the society to produce and distribute nearly all the goods and services we need. The sources of those goods and services are usually not other individuals but organizations created for the explicit purpose of producing and distributing goods and services. Nearly every organization in our society can be viewed as providing a set of goods, services, or both. The responsibility for overseeing and making decisions for these organizations is the role of executives and managers.
• 1.2: Managerial Economics is Applicable to Different Types of Organizations
• 1.3: The Focus of This Book The intent of this book is to familiarize the reader with the key concepts, terminology, and principles from managerial economics. After reading the text, you should have a richer appreciation of your environment—your customers, your suppliers, your competitors, and your regulators. You will learn principles that should improve your intuition and your managerial decisions. You will also be able to communicate more effectively with your colleagues and with expert consultants.
• 1.4: How to Read This Book Like any academic subject, economics can seem like an abstract pursuit that is of greatest interest to economists who want to communicate with other economists. However, while there is certainly a substantial body of written research that may reinforce that impression, this book is written with the belief that economics provides a language and a perspective that is useful for general managers.

• NOC:Managerial Economics (Video) 
• Co-ordinated by : IIT Bombay
• Available from : 2020-06-10
• Intro Video
• Lecture 1-Part1 : Introduction to Economics and Managerial Economics
• Lecture 1-Part2 : Introduction to the Managerial Economics- Economics and Managerial economics, Review of Economic Terms and Economic Rationality
• Lecture 2-Part1 : Introduction to the Managerial Economics- Opportunity Cost, Measuring and Maximizing Profit
• Lecture 2-Part2 : Introduction to the Managerial Economics- Understanding Incentive and Marginal Analysis
• Lecture 3-Part1 : Introduction to the Managerial Economics- Marginal and Incremental Analysis, Model of an Economy
• Lecture 3-Part2 : Basic Tools of Economic Analysis and Optimization Techniques- Functional relationship between economic variables, Important Economic functions
• Lecture 4-Part1 : Basic Tools of Economic Analysis and Optimization Techniques- Important Economic Function (Contd.)
• Lecture 4-Part2 : Basic Tools of Economic Analysis and Optimization Techniques- Slope and its use in Economic Analysis, Derivatives of various functions
• Lecture 5-Part1 : Basic Tools of Economic Analysis and Optimization Techniques- Derivative of various functions
• Lecture 5-Part2 : Basic Tools of Economic Analysis and Optimization Techniques- Optimization Technique
• Lecture 6-Part1 : Basic Tools of Economic Analysis and Optimization Techniques- Constrained optimization
• Lecture 6-Part2 : Basic Tools of Economic Analysis and Optimization Techniques- Regression Technique
• Lecture 7-Part1 : Basic Tools of Economic Analysis and Optimization Techniques- Regression Technique (Contd.)
• Lecture 7-Part2 : Basic Tools of Economic Analysis and Optimization Techniques- Ordinary Least Square (OLS) method
• Lecture 8-Part1 : Theory of Demand- Defining Demand, Law of Demand
• Lecture 8-Part2 : Theory of Demand- Demand Schedule/Demand Curve/ Demand Function, Factors affecting Demand, Market Demand
• Lecture 9-Part1 : Theory of Demand- Change in Demand Curve, Supply/ Law of Supply, Factors affecting Supply
• Lecture 9-Part2 : Theory of Demand- Change/Shift in the Supply, Market Equilibrium, Change in Equilibrium
• Lecture 10-Part1 : Theory of Demand- A Shift in both Supply and Demand, Elasticity of Demand, Types of Elasticity of Demand
• Lecture 10-Part2 : Theory of Demand- Price elasticity of demand, Degree of price elasticity of demand, Elasticity and revenue, Factors influencing price elasticity of demand
• Lecture 11-Part1 : Theory of Demand- Income Elasticity of Demand, Cross-Price Elasticity of Demand, Advertising Elasticity of Demand
• Lecture 11-Part2 : Theory of Demand- Numerical for each Elasticity of Demand
• Lecture 12-Part1 : Consumer Behaviour- Consumer Preferences, Utility Analysis (Total and Marginal Utility)
• Lecture 12-Part2 : Consumer Behaviour- Numerical for Utility analysis, Law of Diminishing Marginal Utility, Indifference Curve Analysis
• Lecture 13-Part1 : Consumer Behaviour-Budget line and Consumer equilibrium, Law of Equi-Marginal utility
• Lecture 13-Part2 : Consumer Behaviour- Price, Income and Substitution Effects, Consumer Surplus
• Lecture 14-Part1 : Elasticity of Supply- Numerical example to understand Consumer Surplus, Elasticity of Supply
• Lecture 14-Part2 : Elasticity of Supply-Impact of Tax on Price and Quantity, Price fixed by Law
• Lecture 15-Part1 : Demand Forecasting
• Lecture 15-Part2 : Methods of Demand Forecasting- Subjective methods of demand forecasting
• Lecture 16-Part1 : Demand Forecasting-Quantitative method of Demand forecasting
• Lecture 16-Part2 : Demand Forecasting- Quantitative method of Demand forecasting (Contd.)
• Lecture 17-Part1 : Theory of Production-Introduction
• Lecture 17-Part2 : Theory of Production- Law of Diminishing Return
• Lecture 18-Part1 : Theory of Production- long Run Production Analysis, Return to Scale, Isoquants
• Lecture 18-Part2 : Theory of Production- Isocost, Optimal Combination of Inputs, Expansion path, Economic Region of Production
• Lecture 19-Part1 : Theory of Production- Different kind of Production Functions: Cobb Douglas Production function, Optimal input combination
• Lecture 19-Part2 : Theory of Production- Effect of Changes in Input Prices, Law of Diminishing returns, Return to Scale
• Lecture 20-Part1 : Theory of Cost- Cost of Production, Types of Cost: Accounting/Economic Analysis
• Lecture 20-Part2 : Theory of Cost- Cost-Output Relationship, Short run cost Analysis
• Lecture 21-Part1 : Long Run Cost Analysis
• Lecture 21-Part2 : Long-Run Marginal Cost Curve
• Lecture 22-Part1 : Theory of Cost: Breakeven Analysis and Contribution Analysis
• Lecture 22-Part2 : Theory of Cost: Profit Volume Ratio, Margin of Safety and Learning Curve
• Lecture 23-Part1 : Theory of Cost: Application of Cost Analysis & Economies of Scale
• Lecture 23-Part2 : Theory of Cost: Production Economies
• Lecture 24-Part1 : Theory of Cost: Managerial and Transport Economies of Scale
• Lecture 24-Part2 : Theory of Market: Introduction
• Lecture 25-Part1 : Theory of Market: Perfect Competition
• Lecture 25-Part2 : Theory of Market: Short-run Profit Maximization under Perfect Competition
• Lecture 26-Part1 : Theory of Market: Short-run Market Supply and Firm Supply under Perfect Competition
• Lecture 26-Part2 : Theory of Market: Long-run Profit Maximization under Perfect Competition
• Lecture 27-Part1 : Theory of Market: Real World Application of Perfect Competition & Introduction to Monopoly
• Lecture 27-Part2 : Theory of Market: Types of Monopoly
• Lecture 28-Part1 : Theory of Market: Supply Curve of Monopoly Firm
• Lecture 28-Part2 : Theory of Market: Effect of shift of Cost in case of Monopoly
• Lecture 29-Part1 : Theory of Market: Social cost of Monopoly Power
• Lecture 29-Part2 : Theory of Market: Regulation of Monopoly Power and Monopsony
• Lecture 30-Part1 : Theory of Market: Bilateral Monopoly
• Lecture 30-Part2 : Theory of Market: Monopolistic Competition
• Lecture 31-Part1 : Theory of Market: Monopolistic Competition- Non-Price Competition and Introduction to Oligopoly
• Lecture 31-Part2 : Theory of Market: Characteristics of Oligopoly Market
• Lecture 32-Part1 : Theory of Market: Oligopoly Market continued.
• Lecture 32-Part2 : Theory of Market: Oligopoly Market- Stackelberg's Model
• Lecture 33-Part1 : Theory of Market: Collusive Oligopoly
• Lecture 33-Part2 : Theory of Market: Collusive Oligopoly continued.
• Lecture 34-Part1 : Theory of Market: Collusive Oligopoly continued.
• Lecture 34-Part2 : Theory of Market: Collusive Oligopoly-Price Leadership Model
• Lecture 35-Part1 : Oligopoly and Game Theory
• Lecture 35-Part2 : Oligopoly and Game Theory continued.
• Lecture 36-Part1 : Oligopoly and Game Theory- Nash Equilibrium
• Lecture 36-Part2 : Oligopoly and Game Theory - The Prisoner's Dilemma and Types of Games
• Lecture 37-Part1 : Applications of Game Theory in Economics
• Lecture 37-Part2 : Product pricing- Price Discrimination
• Lecture 38-Part1 : Product pricing- Price Discrimination continued.
• Lecture 38-Part2 : Types of Product pricing
• Lecture 39-Part1 : Types of Product pricing continued 1.
• Lecture 39-Part2 : Types of Product pricing continued 2.
• Lecture 40-Part1 : Types of Product pricing continued 3.
• Lecture 40-Part2 : Summary of Course
• Live Session 09-10-2020
• Watch on YouTube
• Assignments
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Managerial economics

Managerial economics: strategies for business optimization.

What is managerial economics? 

Managerial economics refers to the way the economic tools and concepts, theories and methodologies are applied to provide solutions to business in solving its practical problems. To put it simply, managerial economics means the amalgamation of the theories of economy and management. A manager with a good knowledge of managerial economics has a strong decision-making skill. Managerial economics is also called as business economics sometimes. It is that branch of economics, which makes use of microeconomic analysis to the methods of a decision in business and other units of management. Managerial economics takes a cue from the quantitative techniques that include calculus, correlation, and regression analysis. The only unifying aspect that goes through managerial economics is the effort to enhance decision-making in business especially if the business has some scarcity or constraints.

This effort is put through using mathematical programming, game theory, operations research and computational methods of other types. Managerial economics as a subject has materialized into a fully-fledged subject only in recent years. The rising unpredictability and variability in business have compelled the business managers to worry about uncovering the more practical ways of regulating an abusive environmental change. These problems caught the attention of the academicians across the globe who then came up with the idea of managerial economics. The subject became popular during the 1950s in the United States after Joel Dean published his immensely popular book titled Managerial Economics in the year 1951. Different economists have provided different definitions of managerial economics. As Brigham and Pappar define, managerial economics involves the function of the theories and methodology of economic into the practice of business administration.

What are the concepts of managerial economics? 

Managerial economics has several concepts that make it a unique subject and an essential subject as well for business managers.

The concept of increment –

Although incremental reasoning is easy to explain, the concept is difficult to apply. In the views of T.J. Coyne, incremental concept of managerial economics includes approximating the influence of the alternatives to decisions on the total revenue and cost yielding from differences in price procedures, products, and investments. Incremental analysis has two fundamental concepts at its heart including incremental cost and revenue. While the incremental cost means the change in the cost due to a decision taken, incremental revenue refers to the change seen in the total revenue owing to the decision taken.

Time perspective concept –

In the field of economics, people often distinguish between the long-run and the short-run. Managerial economics states that this distinguishing factor is based on the rate at which the decisions are made or could be made and the variations in the production factors rather than on a fixed period. Short-run is referred to as the time during which, the managers are able to bring variations to certain factors barring others. In contrast to this, the long-run is the period during which all the factors could be varied. To provide an instance, with the help of increased raw materials and labor, the increased output could be achieved in the short-run.

Discounting principle concept –

The discounting principle states that managers discount the future profit because of the uncertainty associated with it. however, this concern is wrong because even when there is no uncertainty, it is essential to discount the future profit in order to turn them into equal as the present-day profit. A strong example of the discounting principle could be given as a person is offered 1000 dollars as a gift in the present day or a year after. It is obvious that the person would choose the first option although there is the absence of uncertainty that she or he will not receive the gift after a year. The reason for the individual choosing the first option is that in the present era where the interest rate is anything but zero, there is a possibility to invest 1000 dollars at the interest rate of the market and collect interest from the principle.

How is managerial economics useful to an engineer? 

Apart from benefitting the business managers, managerial economics has advanced to benefit the engineers as well. it is evident that each engineer has to evolve and at some point in life, the chances of evolving cease. Economics is a beneficial subject for every decision-maker and engineers too have to make crucial decisions in their careers. Business economics or managerial economics should be easy for an engineer because it involves many subjects that are taught in engineering as well. In fact, concepts such as linear programming, operations research and statistics and probability are taught more elaborately in engineering. However, it is important to note that engineers at the testing, developing and designing levels do not have anything to do with managerial economics. For other engineers, having a good knowledge of managerial economics would greatly help in valuing the subject. Engineering yielding too much cost in building something is not good engineering. In order to be able to become a good engineer who has good knowledge about the ways to manage cost and prices while providing engineering solutions, one must have a stronghold in managerial economics.

What is differential cost in managerial economics? 

In managerial economics, the differential cost is the incremental cost, which finds out the total relevant cost amongst two alternatives. In general, these alternatives include two distinct levels of activity, make or buy amongst others. Differential cost is the additional cost that seems to incur when one alternative is opted over the other. In simpler terms, managers compare two options to find out the total costs of the two and to know the difference between the total costs of the two options. The change that comes up after finding the difference between the total costs of the two options in the revenues is known as incremental or differential revenue. Differential cost analysis takes place in order to make crucial decisions related to making or buying, making changes in the activity level, adding any new product, making changes in the product mix exporting orders and so on. In the differential cost analysis, the users take into consideration only the relevant costs.

Costs, which have been acquired in the past already are considered not relevant. This is also known as a fixed cost. Future costs are considered relevant because these costs are variable. Joel Dean explains that managerial economists always look for future costs because important management decisions are made using forecasts of the future costs. Forecasting of cost is significant especially to control expenditure. It is further important to learn about the income statements in the future, decisions related to capital investment, pricing, dropping and developing old and new products respectively.  It is also important to note that the differential cost analysis is taken into consideration only to make management decisions and bears no relevance to bookkeeping or accounting.

Role And Importance Of Managerial Economics (Step-by-Step ) 

Role of managerial economics –.

The first important role of managerial economics is to enhance the decision-making efficiency in business in order to increase profit.

The second role of managerial economics is to study the economic patter at the macro-level to analyze the significance of the subject in an organization and the functioning of an organization.

Third, managerial economics examines the way the changing environment brings in profit for the organization in the perfect way.

Fourth, managerial economics helps in making good decisions when it comes to choosing an alternative that could reduce cost.

Fifth, managerial economics plays a crucial role of to help in making investment decisions for the individual investors as well as for the corporations.

Sixth, it helps the business companies in deciding the strategies of pricing as well as deciding the correct pricing levels to be given to their services and products.

Sixth, managerial economics helps in the decision-making related to internal working of a company like price changes, plans of investment, and types of services to be given, inputs utilized and so on.

Seventh, managerial economics plays the role of analyzing the changes that take place in indicators showing macroeconomics including population, business cycles, national income and their probable influence on the company’s working.

Importance of managerial economics –

Managerial economics is vital in analyzing the managerial policies. Organizations have certain policies especially operational policies that tend to produce no return and are of no use to the organization as well. These policies also play no role in altering the market conditions as well. Managerial economics helps in making crucial evaluations and that too in crucial time in order to solve upcoming obstacles before those harm the organization.

Managerial economics is important also because it helps the business recognize its strengths and weaknesses. it helps the business identify where it excels as well as where it lags behind. With the help of managerial economics, managers could ensure certain activities, which could influence the development of business.

What is the advantage and disadvantage of managerial economics? 

Advantages of managerial economics –.

Managerial economics helps in evaluating the past policies to decide whether these policies are suitable for the business or do this need to be improved. It happens sometimes that the policies introduced and executed by the business are outdated and hold no relevance in the market that keep on changing. Hence, policy evaluation becomes vital to find better solution to the problem.

As an advantage, managerial economics assists the managers to identify the economic strengths and weaknesses, which could impact the company.

One of the other advantages if managerial economics is that is helps in establishing a policy of decision, which aligns with the operational standards of the company. Every company comprises distinct operational standards along with different regulations and policies made to suit the type of company.

Managerial economics is advantageous because it helps to identify the costs to be as competent as it could be.

Disadvantages of managerial economics –

Managerial economics concentrates on analysis of the management based on the cost accounting and financial data. Hence, the dependability of this data bases on the information accuracy of financial accounting.

Analysis of the data depends on the past information and thus, if the company plans to bring in new schemes and the situations change, relying on past information would be disadvantageous.

Managerial economics encourages individual manager’s personal preferences that could affect the final decision largely.

Managerial economics has the disadvantage of being very expensive as a process for any business. A company would commonly need to employ more than just one manager to make sure the functioning is smooth.

One of the most visible disadvantages of managerial economics is its newness. Therefore, many experts believe that it might be ambiguous in some situations.

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Managerial Economics Assignment one.docx

2019, Managerial Economics Discussion Paper, JKUAT MBA (Finance)

the Assignment was to summarized the Functions, Responsibilities and Salient Characteristics of Managerial Economists in a firm as well as appreciating Managerial Economics as a Decision Making Tool and Forward Planning

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