![]() ![]() So that any business can be protected against future losses. The managerial economy deals with future losses easily. Managerial economics provides useful tools for economics managers in demand forecasts and is useful in demanding production planning. Managerial economics is useful in coordinating the various activities of a business. ![]() Useful in Coordination of Business Activities.Thus, Role and Importance of Managerial Economics in Choosing Right Decisions is very powerful. managerial economics decides which way is good for the business.Īnd it is only possible when managerial economics plays a very big and important role in cost control decisions. Managerial economics decides the business is going towards profit or loss. So this is the biggest and important role of business economics in any business or firm. Which acts as a balance bridge between the production tools and operating systems and where to go. It also helps in doing it.īusiness economics is very useful in planning a complete prospect among the successful operation and production of any business or firm. Then we can say that there is a huge contribution of managerial economics to profit maximization and determining policies. It is very useful for any business or firm so that every firm and business can get the maximum benefit. The art is only in business economics to maximize the profit of any institution and minimize cost and whatever policies are made from this. Helpful in Chalking Out Business Policies.So this is a very good Role and Importance of Managerial Economics in Choosing Right Decisions of any business. So we can say that managerial economics plays a very big role and significance in the important decisions of the business. How should any production be done, and for whom should be produced? The answer to all these questions remains only with the managerial economy because he plays the most important role in these tasks. Managerial Economic’s Relevance in Business Decisions Spencer and Siegelman have defined the subject as “the integration of economic theory with business practice for the purpose of facilitating decision making and forward planning by management.” ![]() To quote Mansfield, “Managerial economics is concerned with the application of economic concepts and economic analysis to the problems of formulating rational managerial decisions. ![]()
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