ECON 473 Managerial Economics
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Economic theory predicts commercial companies' decision-making process; demand and cost analysis, demand forecast; pricing policy; capital budgeting; production analysis; transformation, multinational corporations, game theory and market structure.
Definition: Management economics is a branch of management research characterized by applying theories and principles of microeconomics and macroeconomics to solve business problems and make decisions.
Management economics is the branch of economists that involves the application of economic concepts, theories, tools, and methods to solve practical problems in enterprises. These changes in business decisions affect day-to-day decisions as well as the cost-effectiveness of long-term planning decisions. The theory mainly revolves around several factors such as demand, production, cost, and the market. In other words, management economics is a combination of management economics and management theory. It can help managers make decisions and at the same time, connect practice and theory. This is sometimes called business economics.
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