‘ Managerial Economics is the study of Economic Theories, Principles and Concepts which is used in Managerial Decision Making. ’
‘ Managerial Economics is the Application of various Theories, Concepts and Principles of Economics in the Business Decisions. ’
It also Includes ‘The Application of Mathematical and Statistical tools in Management decisions.’
Managerial Economics Economic Theories, Principles and Concepts. Managerial Decision Making. Application Application Application of Mathematical And Statistical tools
Managerial Economics Managerial Decisions Choice of product Choice of production method Choice of price, Etc… Managerial Economics ‘ Application of Economic Concepts, Theories and Analytical tools to find solutions for managerial problems. Application of Economic concepts, Theories and Principles in decision Making Application of Analytical tools such as, Mathematical and Statistical tools
is the structural and scientific method of constructing or developing Solutions by using basic economic principles , concepts, theories and Quantitative techniques such as mathematical and statistical tools .
According to this principle, if a decision affects costs and revenues in long-run, all those costs and revenues must be discounted to present values before valid comparison of alternatives is possible. This is essential because a rupee worth of money at a future date is not worth a rupee today. Money actually has time value.