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Determinants of Demand   There are various factors on which the market demand and individual demand for a product depends. These factors are known as determinants of demand. The knowledge of the determinants of market demand for a product and the nature of relationship between the demand and its determinants proves very helpful in analyzing and estimating...

Scope of Managerial Economics In general, the Scope of Managerial Economics comprehends all those economic concepts, theories and tools of analysis which can be used to analyse the business environment and to find solutions to practical business problems. In other words managerial economics is economics applied to the analysis of business problems and decision making....

Importance of Managerial Economics   Business and industrial enterprise aims at earning maximum proceeds. A good decision requires fair knowledge of the aspects of economic theory and tools of economic analysis, which are directly involved in the process of decision making. Since managerial economics is concerned with such aspects and tools of analysis, it is...

Characteristics of Managerial Economics   Following are the characteristics of Managerial Economics: Microeconomics Managerial economics in character as it is concerned with smaller units of the economy. It studies the problems and principles of an individual business firm or an individual industry. It assists the management in forecasting and evaluating the...