Economics aims at analysing the behaviour of the consumers, firms and government while making decisions regarding the allocation of resources and raising the productivity of the firm. Economics helps in implementing the government policies in an effective manner that would aim at bringing enormous changes in the country. Management deals with the effective usage and coordination of the materials and labour in the pursuit of achieving the company’s objectives. It considers the interactions and interrelationships that occurs between the various sectors of the firm, and between the company and its environment. Under such circumstances it could be stated that economics forms to be an integral part of management studies as they both deal with the aspects of development and prosperity of business. The significant role of managerial economics can be listed as follows:
Demand analysis and forecasting – It is quite vital for an organization to analyse the most effective manner through which their productivity can be raised. Through the usage of demand analysis, the firm has the ability to examine the forecast of future sales before the preparation of the production schedule. Such a forecast helps in guiding the managers of the firms to strengthen their market position and enlarge the profits buy framing effective strategies in the market. Formulation of such strategies can be quite effective if the organization is able to identify the factors which influences demand for the firm’s product. Hence, demand analysis is essential for business planning and occupies a strategic place in managerial economics.
Cost and production analysis – economics helps in analysing the economic costs that would help the firm in accounting records and yield significant cost estimates. Such estimates are quite necessary for undertaking management decisions. It is essential to discover economic costs and measure them for effective profit planning, cost control and sound pricing practices.
Pricing decisions, policies and practices – pricing is considered to be an important part of managerial economics. It is considered to be the origin of revenue for the firm. The success of the business is mostly dependent upon the accuracy of the pricing decisions.
Profit management – the purpose of framing a business is to earn profit. In the long run, it has been seen that profit is considered to be the chief measure of success. Profit management deals with the issue of uncertainty within business. Economic helps in addressing the issue of uncertainty which thereby reduces the complications associated with profit analysis of business.
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