Managerial economics objective type questions and answers

  • What are the main objectives of managerial economics?

    The basic objective of managerial economics is to analyze economic problems of business and suggest solutions and help the managers in decision-making..

  • It is concerned with what management should do under particular circumstances.
    It determines the goals of the enterprise.
    Then it develops the ways to achieve these goals.
    Managerial economics is prescriptive rather than descriptive.
  • The scope of managerial economics is restricted to microeconomics and does not extend to macroeconomics.

What are the basic tools of Managerial Economics?

There are six basic tools of managerial economics

They are: 1 The Incremental Concept 2 The Concept of Time Perspective 3 The Opportunity Cost Concept 4 The Discounting Concept 5 The Equi-marginal Concept 6 Risk and Uncertainty 1

The Incremental Concept: (i) It increases revenue more than costs


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