From the course: Managerial Economics
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Use economics to solve business problems
From the course: Managerial Economics
Use economics to solve business problems
- Managerial economics is a way to make better decisions. Those decisions don't have to be about the monetary policy of the United States. They can be very personal decisions like whether you should buy or rent an apartment. When you face such a decision in your life, you are confronted with many different questions options, constraints and variables. You can address this question from a psychological point of view. For example, "Which living situation would make you more happy?" Traditional economists would not ask that question, they would ask a simple question. Is it cheaper to rent or to buy? Of course you can counter argue that the cheapest option might not be the one that makes you happy, and I'm, you deserve to be happy but whatever decisions you're going to make, it is still important to know whether it's cheaper to rent or to buy. Entrepreneurs face economic decisions all the time. I remember…
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