A managerial economist is a person who plays a very important role in assisting the management by using his increasingly specialized skill and sophisticated techniques which are required to solve the difficult problems of successful decision making and forward planning.
DECISIONS TAKEN BY MANAGERIAL ECONOMISTS
- Demand Decision
- Input-output Decision
- Price output Decision
- Profit-related Decision
- Investment Decision
- Economic forecasts and financial decisions.
DUTIES AND RESPONSIBILITIES OF MANAGERIAL ECONOMISTS
- Demand estimation and forecasting.
- Preparation of Business and sales forecasts.
- Analysis of market surveys to determine the nature and the extent of competition.
- Analysing the issues and problems of concerned industry.
- Assisting the business planning process of a firm.
- Advising on price, investment, and capital budgeting policies.
- Building micro and macro models for solving business activity problem.
- Directing economic research activity.