MBAE-103: Managerial Economics – Unit 1
Objectives: understand the nature and scope of managerial economics; familiarize yourself with economic terminology; develop some insight into economic issues; acquire some information about economic institutions & understand the concept of trade-offs or policy options facing society today.
Materials:
The relevant material is available here.
Questions:
- Why is decision making by any management truly economic in nature?
- “Managerial economics is the integration of economic theory with business practice for the purpose of facilitating decision-making and forward planning by manager”. Explain and comment.
- Define scarcity and opportunity cost. What role do these two concepts play in the making of management decisions?
- What is the role of managerial economics in preparing managers?
- How is managerial economics related to different disciplines?