Scope Of Managerial Economics
As regards the scope of managerial economics, there is no general uniform pattern. However, the following aspects may be said to be inclusive under managerial economics:
- Demand analysis and forecasting.
- Cost and production analysis.
- Pricing decisions, policies and practices.
- Profit management.
- Capital management.
These aspects may also be defined as the ‘Subject-Matter of Managerial Economics’. In recent years, there is a trend towards integration of managerial economics and operations research. Hence, techniques such as linear programming, inventory models and theory of games have also been regarded as a part of managerial economics.
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