Managerial economics hirschey test bank

How does managerial economics help decision making?
Managerial economics involves the use of economic theories and principles to make decisions regarding the allocation of scarce resources.
It guides managers in making decisions relating to the company's customers, competitors, suppliers, and internal operations..
What can managerial economics be used to identify?
- Managerial economics is a science that helps to explain how resources such as labor, technology, land, and money, can be allocated efficiently..
It helps in making decision.
Managerial Economics is use of Economics concepts and Decision Science Methodologies to solve managerial decision Problems.
What is the problem and how does it influence managerial objectives are the main questions.
Decisions are usually made in the firm's planning process.

How does managerial economics help decision making?