define managerial economics ?and difference between managerial economics and economics?

Question

Please suggest the best answer to prepare for my exams

Answer 1

Managerial economics (also called business economics), is a branch of economics that applies microeconomic analysis to specific business decisions. As such, it bridges economic theory and economics in practice. It draws heavily from quantitative techniques such as regression and correlation, Lagrangian calculus, [[linear If there is a unifying theme that runs through most of managerial economics it is the attempt to optimize business decisions given the firm's objectives and given constraints imposed by scarcity.

Almost any business decision can be analysed with managerial economics techniques, but it is most commonly applied to:

Risk analysis - various uncertainty models, decision rules, and risk quantification techniques are used to assess the riskiness of a decision.
Production analysis - microeconomic techniques are used to analyse production efficiency, optimum factor allocation, costs, economies of scale and to estimate the firm's cost function.
Pricing analysis - microeconomic techniques are used to analyse various pricing decisions including transfer pricing, joint product pricing, price discrimination, price elasticity estimations, and choosing the optimum pricing method.
Capital budgeting - Investment theory is used to examine a firm's capital purchasing decisions.

Answer 2

Define Managerial Economics

Answer 3

Mangerial Economics is the study of costs, benefits, and about maximising returns on capital and available resources by adopting proper techniques or by devloping suitable skills. As far as economics I pity there is no proper definition. In my view the proper definition would be study of nature, properties, composition, laws and classification of wealth. But in economics every thing is studied but wealth. The definition of economics is study of mankind in the ordinary business of life. Though economics is a pure material science and a mirror image of chemistry, undue importance is given to human behavior and hence is made a social science. By definitions, managerial economics and economics are totally different. The former is specific and the latter is off the track more often than not.

Answer 4

Managerial Economics Notes, Question Bank & Study Materials you find here http://www.mbaexamnotes.com/managerial-economics.html

Answer 5

Managerial economics focuses more on economics than on business. If you plan on an MBA, economics would be better, and not as good as something else. MBA programs accept students in any undergraduate field. They prefer students who do not have a business major because they give you the business training but they cannot provide the broad background that managers should have. The best majors are in the sciences, engineering, or math, but other majors are also suitable. Any field of endeavor can use good management. The reason for avoiding a business undergraduate degree is that it results in too much duplication with the MBA and leaves you with a narrow focus. On the other hand, companies hiring MBA graduates are looking for those who earned the MBA but can also communicate with the scientists or engineers that they have to manage as they advance in their jobs. MBA programs prefer students with 2-3 years work experience after the first degree. Some accept students right out of college if they have good grades and a high GMAT score. Some MBA programs are designed specifically for new college graduates without work experience. But in those programs you don't get the benefit of learning from other students who have work experience. A lot of valuable learning takes place through class interaction. Also when you graduate your job offers will be about the same as a business undergraduate gets because you have no work experience, and you've been two years out of your undergraduate field so it's hard to get work in that area. Explore the Official MBA Guide. It's a comprehensive free public service with more than 2,000 MBA programs listed worldwide. It allows you to search for programs by location (US, Europe, Far East, etc.), by concentration (finance, marketing, aviation management, health management, accounting, etc.), by type of program (full-time, distance learning, part-time, executive, and accelerated), and by listing your own criteria and preferences to get a list of universities that satisfy your needs. Schools report their accreditation status, tuition cost, number of students, class sizes, program length, and a lot of other data. Schools provide data on entrance requirements, program costs, program characteristics, joint degrees, and much more. You can use the Guide to contact schools of your choice, examine their data, visit their web site, and send them pre applications. You can see lists of top 40 schools ranked by starting salaries of graduates, GMAT scores, and other criteria.

Answer 6

Macro Economics employs inductive reasoning while Micro Economics employes deductive reasoning. Macro Economics deals with the economy as a whole and Micro Economics with individual elements of an economy like production, taxation, cost, market, firm, profits, welfare, profits, demand, supply etc;.