Why Managerial Economics

Managerial Economics is a discipline that combines economic theory with managerial practice. It tries to bridge the gap between the problems of logic that intrigue economic theorists and the problems of policy that plague practical managers. The subject offers powerful tools and techniques for managerial policy making. An integration of economic theory and tools of decision sciences works successfully in optimal decision making, in face of constraints. A study of managerial economics enriches the analytical skills, helps in the logical structuring of problems, and provides adequate solution to the economic problems. To quote Mansfield, Managerial Economics is concerned with the application of economic concepts and economic analysis to the problems of formulating rational managerial decisions. Spencer and Siegelman have defined the subject as lithe integration of economic theory with business practice for the purpose of facilitating decision making and forward planning by management."

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Improvement and excellence in Higher Education

A lot is varying in higher education. Most essentially, apprentice themselves are changing. Subsequent to long decades of ruling out, college access has extended opportunities for minority students, first-generation students and low-income students. In this year students are more probable to attend community college than any other postsecondary alternative and more probable to be older and living away from campus and may be joining part-time while balancing work as well as family. The symbolic picture of an 18-year-old high school graduate walking across a blossoming campus toward her dorm room no longer reflects the actuality of today’s college student. Institutions of higher education are act in response to these changes, partially by making course delivery more pliable. Technology has prepared this even further possible, introducing teaching as well as learning that is less forced by time and place. Technology is as well making new kinds of embedded assessment and adaptive curriculu...

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Contribution of Quantitative Techniques to Managerial Economics

Contribution of Quantitative Techniques to Managerial Economics Mathematical Economics and Econometrics are utilised to construct and estimate decision models useful in determining the optimal behaviour of a firm. The former helps to express economic theory in the form of equations while the latter applies statistical techniques and real world data to economic problems. Like, regression is applied for forecasting and probability theory is used in risk analysis. In addition to this, economists use various optimisation techniques, such as linear programming, in the study of behaviour of a firm. They have also found it most efficient to express their models of behaviour of firms and consumers in terms of the symbols and logic of calculus. Thus, Managerial Economics deals with the economic principles and concepts, which constitute 'Theory of the Firm'. The subject is a synthesis of economic theory and quantitative techniques to solve managerial decision problems. It is rn...

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