Managerial Economic Assignment

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[pic] Quiz (20 Marks) Managerial Economics Student’s Name: Jalal Nasser AL-Esayi Student’s ID: Contact No.: 019-3824046 E-mail: 1) What economic conditions are relevant in managerial decision-making? Managerial decision-making refers to the business managers in order to achieve certain development goals in the master on the basis of market information, and determine the program of action, and put into the process of implementation. Management decision-making is specific applying of the scientific theory of decision-making in business management. Usually, the strategic decision will made by the firm's Masters and senior leaders from the perspective of the firm's business, the firms are facing internal and external conditions to determine the production. There are several elements of managerial decision-making such as decision-making body “it can be individual or Group”, market information, supply and demand conditions, decision-making theory and method, technology, government, international factors, and expectations about the results. Basically, managerial economic is about decision-making. It is what managers decide on the matters that make the atmosphere critical for the success of firms. In this light, it is important to stress that economic conditions truly affect the disadvantage that most firms may encounter as they carry on with the principles of economics and business. Definitely in this bracket are issues regarding market structure, conditions of supply and demand, technology, government regulations, international dimensions, future conditions, and macroeconomic factors. On the other hand, profit maximization is adherent to the idea that it can be liable to different concerns about restrictions encountered by the firm such as supply insufficiency, machinery, contractual clauses and
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