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How is economic effect on effective management? Explain the Significance of Marginal Analysis in Managerial Economics?...

How is economic effect on effective management?

Explain the Significance of Marginal Analysis in Managerial Economics?

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Answer #1

The effective management helps to utilize the available resources optimally so that firms gain competitive advantage in business and gain good market share.

Marginal analysis helps to understand how better resources be used in a business activity. For example while making a production decision; the raw material can be used till the marginal cost equals the marginal benefit. So when MC exceeds MB, the firm starts to have lesser profit and the use of raw material can be stopped.

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