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MANAGERIAL ECONOMICS PL MEHTA EBOOK

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Managerial Economics Analysis, Problems and Cases. Front Cover. P. L. Mehta. Sultan Chand, - pages. 1 Review. Title, Managerial Economics: Analysis, Problems and Cases. Author, P. L. Mehta. Edition, 4. Publisher, Sultan Chand & Sons, Length, pages. Advanced Search · Home P.L. Mehta Managerial Economics: Analysis, Problems and Cases. Stock Image. Image Not Available zoom_in. Quantity Available: >.


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Managerial Economics

It carries the prestige of over 47 years of retail experience. Principles of Management and Accounting. Product and Brand Management. Notify Me We will send an email as soon as we get it in stock. Managerial Economics-Analysis Problems Cases. Business Transformation and HRM. Personalize Gift card We will send an email to receiver for gift card. Distinguishing Features Very comprehensive text with lucid and easy language.

It happens, just reset it in a minute. Are fashion, tastes and preferences undergoing any change and thus affecting the demand for the product? A managerial economist tries to find their answer and advices the firm accordingly.

Thirdly, the managerial economist also tries to find out if there is anything which is influencing the input cost of the firm.

For example, What about the cost of labour in different regions and for different operations? What about the credit condition in the market?

Is there going to be some change in the government credit policy? How different input can be combined to minimize the cost of production? And so on. Market condition of raw material and finished product.

Fourthly, the market condition of raw material and finished product is also a subject of study by the managerial economist. He has to understand the nature of the market from which the firm is downloading its raw materials and of the market where it is selling.

This understanding helps the managerial economist to recommend a pricing policy for successful management of the firm.

Managerial Economics: Analysis, Problems and Cases - P. L. Mehta - Google книги

This he can do by understanding the nature and trend of demand. The role of managerial economist in internal management is as important as his contribution towards the management of external factors. He helps in deciding about the production, sales and inventory schedules of the firm. He not only provides information regarding their present level but also forecasts their future trend.

The firm also needs the help of managerial economist for its investment decision. For this, He needs to forecast the return on investment and the cost that the firm incurs by taking up the investment. Managerial Economist has a very significant and vast role to play, He not only helps in internal management but also analyze external factor and advice the firm regarding their likely effect. In short the first role of a manager is to recognize a problem or to see a possible way to future goal of the organization, and then to obtain and process information in order to make a decision or reach a solution.

His second task is to use readily available information to make a decision or carry out a course of action. Those futures the goals of the organizations Successful managers know how to pick out the useful information from the vast amount of information they receive.

In all these roles of manager, the knowledge of managerial economics is extremely helpful. The managerial economist also undertakes the job of economic intelligent, which involves obtaining and processing information regarding the lightly effects of changes in government policies, tax rates structure, exchange and tariff rates, etc.

Through the managerial economist in general performance the above mentioned functions, the degree to which they participate in overall management and the extent to which they pursue these functions differs from firm to firm. A managerial economist can serve management best only if he always keeps in mind the main objective of his business, viz. His academic training and the critical comments from people outside the business may lead a.

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Once management notices this, his effectiveness is almost sure to be lost. In fact, he cannot expect to succeed in serving management unless he has a strong personal conviction that profits are essential and that his chief obligation is to help enhance the ability of the firm to make profits. Most management decisions necessarily concern the future, which is rather uncertain.

It is, therefore, absolutely essential that a managerial economist recognizes his responsibility to make successful forecasts.

By making best possible forecasts and through constant efforts to improve upon them, he should aim at minimizing, if not completely eliminating, the risks involved in uncertainties, so that the management can follow a more orderly course of business planning.

At times, he will have to reassure the management that an important trend will continue; in other cases, he may have to point out the probabilities of a turning point in some activity of importance to management. In any case, he must be willing to make considered but fairly positive statements about impending economic developments, based upon the best possible information and analysis and stake his reputation upon his judgment.

Nothing will build management confidence in a managerial economist more quickly and thoroughly than a record of successful forecasts, well documented in advance and modestly evaluated when the actual results become available. By promptly drawing attention to changes in forecasting conditions, he will not only assist management in making appropriate adjustment in policies and programs but will also be able to strengthen his own position as a member of the management team by keeping his fingers on the economic pulse of the business.

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Secondly, he must establish and maintain many contacts with individuals and data sources, which would not be immediately available to the other members of the management. Extensive familiarity with reference sources and material is essential, but it is still more important that he knows individuals who are specialists in particular fields having a bearing on his work.

For this purpose, he should join professional associations and take active part in them. For those unfamiliar with the types, the short labels of R, W, and X will likely be a mystery; more information should have been provided, i.

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