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Managerial Economics is the application of economic theories, methodology and tools to solve the practical problems encountered by firms and organizations. It provides a crucial link between theory and practice by enabling managers to apply the knowledge acquired from economic theory to decision making of the firm. Given the current circumstances of the world and the high degree of unpredictability, managers need a rational way of thinking to effectively deal with the fluctuations of the economy. Managerial Economics provides this by integrating economic theory and business practices and providing managers with the tools necessary to tackle the problems faced in the management of the firm.
Some of the topics that a managerial economist is expected to master are demand analysis and forecasting, cost and production analysis and advertising. The field of managerial economics is up and coming and its scope is still being discovered. These in turn also constitute some of the most popular topics for managerial economics assignments and projects. As seen from the subject content of the topics, a managerial economist needs to have an in-depth knowledge of the functioning of the market and the production process as well. This is in addition to the requirement of strong foundations in the basics of economics.
Given that most of the managerial economics assignment topics integrate not just economic concepts but also themes of business practices, students often find it difficult to tackle these questions and problems.
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