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Application Journal 1

Application Journal 1 - Ravindra Ramoutar BUS 505 In...

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Ravindra Ramoutar BUS 505 In Chapter 1, the goals of for-profit and not-for profit organizations are discussed. Also, the decision-making process and shareholder-wealth optimization are developed in great detail. The problems associated with the separation of ownership and control agency relations in large firms are highlighted. Finally, normative goals to guide resource-allocation decisions in public sector and not-for profit enterprises are introduced. What is Managerial Economics? Managerial Economics explores the application of microeconomic/macroeconomic theories to the real-world decision-making; all aimed at achieving a specific goal . In the short run, a manager makes decisions on such as estimating demand, quantity of output to produce and forecasting future demand. In the long-run, economically managerial decisions such as acquiring other firms, marketing new products/ideas and embarking on capital expenditures.
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