What Are Roles And Responsibilities Of Managerial Economists In Rising The Business Prosperity By Using Economic Theory?

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What Are Roles And Responsibilities Of Managerial Economists In Rising The Business Prosperity By Using Economic Theory?

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Answer 1

A Managerial Economist is well acquainted with Micro and Macro aspects of the Economy. He/She is well aware of the Economical Aspects combined with Business Decision Making.
That makes a managerial economist well equipped with Theoretical and practical (application based) knowledge.

For any company, it is very critical to keep track of

Changing Consumer Preferences
Potential Product Demand
Resource Availability and Supply Constraints, if any
Domestic and Overseas Competition

A managerial economist helps in such critical factor analysis.

Most important of all, whether at all a company needs to invest in a certain product based on External Factors is a Crucial Decision to make.
A managerial economist can judge these factors and provide a practical decision based on Cost-Benefit Analysis.

Knowing the Micro and Macro economics is the edge where any managerial economist scores over others.

Answer 2

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