Explain the salient features, Functions of Economist and significances of Managerial Economics?
Answer (1)
17th Jan, 2022
Hello,
Function of economist:
- The very basic function of an economist is found in both macro and micro sectors. Macroeconomics need to the economists to find about the factors such as repo rate, inflation, multiplier effect , national income , etc. while in the microeconomic field they are expected to find about certain concepts based on individual behavior .
- they are the ones who carry out investment analysis, economies, certain economic policies .
- they provide advices on trades , market research and foreign exchange.
- they need to study business environment and thus observe the significant changes in the economy.
Significance of managerial economics:
- Business planning
- Cost control
- Price determination
- Inventory management
- making business policies.
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