Relationship With Economics (Micro Economics & Macro Economics)-MBA TOPIC

Relationship With Economics (Micro Economics & Macro Economics)

MBA TOPIC|| Managerial economics is a novel development theme that is involved in the development of many subjects to provide perfection, so that the pure economic principles can be used in the practical life of the firm. These subjects are Microeconomics, Macroeconomics, Mathematics, Statistics, Operational Science, Accountancy, Management etc. In relation to the other subjects of Managerial economics are summarized as follows:

Source- reference.com

Managerial Economics and Management:

For the use of managerial economics managers, so different theories of management are widely used in managerial economics.(MBA TOPIC)

Managerial Economics and Microeconomics:

Microeconomics is the mainstay of managerial economics. In the Managerial economics, the principles of value theory and the principles of the firm are the subject of study which is derived from micro economics. The following topics in micro economics are studied after some necessary adjustments in Managerial economics -

•law of demand

•elasticity of demand

• Demand and cost analysis

• Demand forecast

• Marginal arrival and marginal cost

• Theories related to quantity and pricing of production

• Various forms of the market

• Neutralization Curve Analysis

• Production model.

Managerial Economics and Macro Economics:

The use of macroeconomics is useful in analyzing, studying and adjusting the effects of the external conditions on the firm. The following components of macroeconomics are widely used in executive economics -

• Tax policy

• Tariff Policy

• Employment Policy

•Business Cycle

•Monetary policy

• Theories of consumption and appropriation

•National income

• Import-export policy

• Licensing Policy

Public finance of Managerial economics:

In the present era, the government greatly influences the firm's activities and this interference is increasing day by day. Government intervention is not adversely affecting the firm, for this, the principles of public finance are used in Managerial economics. These are the principles of public finance.

• Government tax policy

• Government Price Control Policy

• Minimum Wage Policy

• Government Industrial, Commercial and Commercial Policy

• Backing policy

• Tariff Policy.

Managerial Economics and Mathematics:

The use of mathematics has proved to be very useful in making the findings of executive economics more pure. With the help of the principles of mathematics, Managerial economics can measure economic relations more accurately and predictions can be more accurate. The planning will be closer to the truth and the chances of getting the decision right will increase. Demand is increasing, the use of mathematics is increasing in demand forecast, Ada-Prada analysis and production functional areas.

Managerial Economics and Statistics:

The use of statistics is increasing in Managerial economics. The probability of statistics is found in the theory, law of inertia of large numbers, co-relation, regression etc. in Managerial economics. The decisions of Managerial economics are more practical and useful with the help of the principles of statistics. The predictions imposed with the help of statistical methods are more accurate.

Managerial Economics and Operation Science:

Operational science is used extensively when making decisions in executive economics. The following operational techniques are used to determine the firm 'optimum size' in Managerial economics, the problem of selection of instruments, alternative production methods, cost minimization and maximizing profits -

• Game Theory

• Inventory models

• Linear programming (Linear programming)

• Production Function

• queuing theory

Managerial Economics and Accountancy:

Through accountancy, the executive economist gets numerical information about the firm's various activities, which he uses for planning, decision and control. Synthesis of the firm's sales, demand, supply, production and cost is available only through accountancy.

Managerial Economics and Cost Accounting [edit]

Cost articles are very much used in Managerial economics. With the help of cost articles, the executive economist tries to keep the costs down by analyzing the costs.(MBA TOPIC)

We hope you like this article-Relationship With Economics (Micro Economics & Macro Economics) & also help you to know about MBA TOPIC|