Write Discuss Question(DQ) responses.. for the below articles what he has learn from the managerial economics.
In this course, I was able to better understand a lot of concepts related to microeconomics and how it is applied in the business world. Most businesses focus on how to efficiently maximize their resources to be able to generate maximum profits and increase the shareholders’ stakes.
This course helped me acquire knowledge about the tools and methods that assist managers in developing business strategies through analyzing demand and supply, equilibrium prices, and some quantitative tools that help in forecasting revenues and cash flows. (Baye & Prince, 2017). According to dos Santos Morais Rogério and Camello Lima, (2018) Quantitative tools associated with some field research can give managers a better understanding of their business segments and business markets they are targeting.
One additional important learning outcome from this course was the introduction of ways to measure the productivity of inputs in the manufacturing industry or any other industry which will allow managers to optimize their production processes and make it more efficient and lean.
According to Scerri and Agarwal (2018), at a micro-managerial level, measuring productivity is the measure of how efficiently the resources are been allocated in transforming Inputs to end products or services.
Baye, M. R., & Prince, J. T. (2017). Managerial economics and business strategy (9th ed.). McGraw-Hill Education.
dos Santos Morais Rogério, & Camello Lima, C. R. (2018). A quantitative tool for market sector strategic analysis. Benchmarking, 25(6), 1706-1728. doi:http://dx.doi.org/10.1108/BIJ-12-2016-0182
Scerri, M., & Agarwal, R. (2018). Service enterprise productivity in action: Measuring service productivity. Journal of Service Theory and Practice, 28(4), 524-551. doi:http://dx.doi.org/10.1108/JSTP-06-2017-0104
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