Nick Wilkinson, Richmond: The American International University in London. Publisher: Cambridge University Press; Online publication date: June 2012; Print...
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Managerial Economics: A Problem-Solving Approach. by. Nick Wilkinson.
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PrefaceManagerial economics, meaning the application of economic methods to the managerial decision-making process, is a fundamental part of any business...
Managerial Economics: A Problem-solving Approach. Front Cover. Nick Wilkinson. Cambridge University Press, 2005 - Electronic books - 533 pages. 0 Reviews.
Nick Wilkinson is Professor of Economics at Richmond the American International ... He has authored two books, 'Managerial Economics: A Problem-Solving...
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Managerial economics is a stream of management studies which emphasises solving business problems and decision-making by applying the theories and principles of microeconomics and macroeconomics. It is a specialised stream dealing with the organisation's internal issues by using various economic theories.
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From Managerial Economics
Risk means outcomes are uncertain but probabilities are known/estimable using past data. Uncertainty means probabilities are not known reliably.
Thus, risk is measurable; uncertainty is difficult to quantify.
Movement along demand curve occurs due to a change in the good's own price while other factors remain constant; it results in expansion or contraction of quantity demanded.
Shift of demand curve occurs due to changes in non-price factors like income, tastes, substitutes, complements, advertisement, etc.; demand increases (right shift) or decreases (left shift) at the same price.
So price changes cause movement, other factors cause shift.
So managers use forecasting and risk management (hedging, diversification) to adapt.