Business Operations of Managerial Economist
A managerial economist can also be helpful to the management in making decisions relating to the internal operations of a firm in respect of such problems as price, rate of operations, investment, expansion or contraction. Certain relevant questions in this context would be as follows:
- What will be a reasonable sales and profit budget for the next year?
- What will be the most appropriate production schedules and inventory policies for the next six months?
- What changes in wage and price policies should be made now?
- How much cash will be available next month and how should it be invested?