QUIZ IN ME

Name: Audrey Gayle Gervacio

Course: BSMAC 1

How does managerial economics help the administration of an organization of

a firm?
Managerial economics assists managers and the administration of a business
develop a set of operating principles that aid in the effective use of limited
human and capital resources. Managerial Economics enables them to
construct highly effective decision-making that will aid the firm or organization
meet their objectives effectively

How does Managerial Economics help in the Operations and Production

Management of and organization of firm?
Managerial economics is critical in preparing a complete prospect for effective
operation and production for any business or firm. It works as a balanced
connection between the production tools and operating systems and how it
should go.

How does Managerial Economics help in the optimum allocation of resources?

Because resources are limited and have several uses, managerial economics is
useful in determining the best resource allocation. Managers must make the
most of their limited resources. Each resource has a variety of applications.
With his managerial economics expertise, the manager chooses which is the
critical use of the resource.

Why do we say that Micro Economics is an art. Explain.

Art is the application of knowledge to achieve specific objectives. Science
provides us with the fundamentals of any field; nevertheless, art transforms
these fundamentals into actuality. As a result, management economics may be
considered an art form since it guides all the economic troubles.