MPME 7113 Managerial Economics
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Management economics is a branch of economics that involves the application of economic concepts, theories, tools and methods to solve practical problems in enterprises. These business decisions not only influence day-to-day decisions but also affect the cost-effectiveness of long-term planning decisions. His theory mainly revolves around several factors such as demand, production, cost, and the market. In other words, management economics is a combination of economic theory and management theory. It can help managers make decisions and act as a link between practice and theory. This is sometimes called business economics. It is a branch of the economy that applies microeconomic analysis to the decision-making methods of enterprises or other management units.
Management economics is a branch of management research that focuses on solving business problems and making decisions using the theories and principles of microeconomics and macroeconomics. It is a professional stream that uses various economic theories to solve internal problems within an organization.
The economy is an integral part of any business. All business assumptions, forecasts and investments are based on this unified concept.
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