Decisions made by managers argon crucial to the success or failure of a subscriber line. Roles vie by business managers are becoming increasingly more ch eitherenging, as complexity in the business world grows. line of descent decisions are increasingly dependent on constraints imposed from impertinent the economy in which a particular business is ground both in terms of production of goods as sound as the markets for the goods produced. The impact of rapid technological change on innovation in products and processes, as well as in marketing and sales techniques contribute to the increasing complexity of the business environment. Moreover, because of increased globalization of the marketplace, there is more volatility in both input and product prices. The continous change in the economic and business environment is making it even more voiceless to accurately evaluate the outcome of a business decision. In such a changing environment, sound economic becomes all the more cardinal as a basis of decision making. Managerial economics is a discipline that is designed to set aside a solid foundation of economic understanding for business managers to make well-informed and well-analyzed managerial decisions.
The contribution of economics towards the capital punishment of managerial duties and responsibilities is of prime importance. The contribution and importance of economics to the managerial barter is akin to the contribution of biology to the medical profession and physics to engineering. It has been observed that managers equipped with a working familiarity of economics surpass their otherwise equally qualified peers, who lose knowledge of economics. Managers are responsible for achieving the objective of the firm to the supreme possible extent with the contain resources placed at their disposal. It is important to note that maximisation of objective has to be achieved by utilising limited resources. In the event of...If you want to get a secure essay, order it on our website: Orderessay
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