Managerial Economics provides insight on how to make successful business decisions. Please provide your favourite topics discussed and tell why. How can you use the information covered in the next thirty days? Include a minimum of one reference.
Sample Solution
- Pricing: I find the topic of pricing to be particularly interesting because it is so central to business success. The right price can make or break a product or service, and there are many factors to consider when setting prices. In the next thirty days, I plan to use the information I have learned about pricing to help me make better decisions about pricing my own products and services. [Reference] Managerial Economics, 14th Edition by Michael R. Baye
- Market research: I also find the topic of market research to be very important. Market research can help businesses to understand their customers, their competitors, and the market environment. In the next thirty days, I plan to use the information I have learned about market research to help me identify new market opportunities and make better decisions about product development. [Reference] Marketing Research, 11th Edition by David W. Stewart and David M. Walker
- Decision making under uncertainty: This topic is important because businesses often have to make decisions in the face of uncertainty. The information I have learned about decision making under uncertainty will help me to make better decisions in situations where I do not have all the information I need. [Reference] Decision Making under Uncertainty by Howard Raiffa
I believe that the information I have learned about managerial economics will be valuable to me in my future career. I am excited to use this information to make better business decisions and help my businesses succeed.