Managerial Economics – Fundamental And Advanced Concepts
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Managerial economics is both metrical and conceptual. Managerial economics is believed to apply economic principles and theory to business decision-making. It is anxious with the use of economic analysis for the solution and formulation of business problems. Talking about managerial economics is relatively a new discipline that developed in the early 20th century from the work of economists that recognised that businesses faced many decision-making problems that could not be seen using the theories of traditional economics. With time managerial economics developed into a different field of study with its analysis and knowledge methods.
As stated above due to its increasing demand in the business it has become one of the essential topics to be studied in MBA and to develop the knowledge of students in this they are provided with MBA assignments. As managerial economics is based on the theories and principles of economics students due to lack of time and understanding of the topic look for MBA Assignment Writing Services. So that students can complete their work on time.
To help students out in their difficult situations here in this article we have mentioned fundamental and advanced concepts of managerial economics that are used in business decision-making.
The Incremental Principle
The incremental principle is the most essential and most used concept in managerial economics. The concept is closely connected with marginal revenues and the marginal cost of economic theory. The two major concepts of incremental principle are incremental revenue and incremental cost. In this incremental revenue can be defined as the change in total revenue from a decision of the organisation whereas incremental cost can be defined as the change in the total cost.
Marginal Principle
Marginal generally states small changes. Marginal analysis implies trying the influence of a unit change in one variable on the other. Marginal revenue can be defined as the change in total revenue per unit variation in production. The decision of the business upon changing the price of the product depends on the marginal revenue or cost. In this, if the marginal revenue is more than the marginal cost, then the organisation should conduct changes in price.
The Opportunity Cost Principle
Both macro and microeconomics make abundant use of the economic marginal concept of opportunity cost. In managerial economics, the opportunity concept is used to make decisions between two different alternative options. In the decision-making process of managers, the opportunity concept plays a significant role.
Time Perspective Principle
This concept states that the decision maker must provide due consideration to both the long-run and short-run effects of his/her decisions. The decision maker gives importance to the different time periods. A decision may be taken on the basis of short-run considerations, but as time passed have long-run consequences that make it less or more profitable than it first appeared.
Equi-Marginal Principle
The equi-marginal principle is the widest known principle in the equi-marginal. This principle states that input should be used so that the price added by the last unit is the same in all situations. This is popularly known as equi-marginal.
Conclusive Statement
Hope this article provides knowledge of the economic marginal concepts. With this, if you are facing difficulty in doing your assignment or need expert help. Hire Treat Assignment Help Australia and get the Best Management Assignment Help from professionals.
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