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Managerial Economics is the application of the theoretical frameworks of economics to make better managerial decisions.Business economics is another name for Managerial economics.
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It has been observed that many of you find Managerial Economics tough due to a number of concepts and logical thinking.
Employing the concepts of managerial economics, firms can make an assumption about the demand. Hence, it is important to determine the demand within a market to ensure a consistent revenue from a product.
In addition, decisions that can influence the people will purchase a product is an outcome of Business Economics.The discussion will concern the “to buy or to make” dilemma applied to the real case of the sales force.We will in fact show the transition from the sale force as outside agents (to buy) to the sale force as direct employee (to make) showing how the change of the environment can influence the modus operandi of a company.It is the branch that relies heavily on the concepts of regression,correlation and calculus.It is the area that is applicable to almost any business problem.Due to the importance of the after-sales service and because of its innovative technology, in 1992 Ross & C decided to establish a subsidiary in Jakarta, Ross & C Indonesia, mainly for supporting the service activities of local agents and dealers.At that time, in fact, the sales were entrusted to local representatives that didn’t have the proper knowledge and skill to maintain the Ross & C equipments.Are questions beyond your understanding and not able to solve them?Need to score well to boost your grade in the coursework?In the initial stages of any Major Economics program, it is considered to be a painful subject.It is a wise decision to take assistance on this subject.