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Managerial Economics: Core Concepts
An overview of fundamental managerial economics principles, integrating economic theory with decision science to optimize business outcomes. ✨
Article Points:
1
Managerial economics applies economic principles to solve practical business problems.
2
Core principles include scarcity (limited resources), opportunity cost (value of next best alternative), and rational decision-making.
3
Supply and Demand are foundational forces determining market prices and quantities.
4
Elasticity measures responsiveness of demand/supply to changes in price, income, or related goods.
5
Understanding cost structures (fixed, variable, marginal) is crucial for production and pricing decisions.
6
The central objective is profit maximization, achieved where Marginal Revenue equals Marginal Cost (MR=MC).
Source:
Managerial Economics: Core Concepts
Managerial Economics: Core Concepts
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Source:
Managerial Economics: Core Concepts
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