Managerial Economics

Name: M A M Siyam

Reg No : 320272281
Today's real-world commercial organizations have several obstacles to overcome, including
declining markets, growing expenses, and unstable economic situations. Business managers can
make use of a variety of economic theories and concepts to manage these intricate problems
and preserve competitiveness. This is a detailed examination of how certain economic ideas can
be used to get past these obstacles:

Economies of Scale
Companies benefit from economies of scale, or reduced costs, when production becomes more
efficient. Businesses can cut expenses and boost production to reach economies of scale. This
occurs as a result of costs being divided over many products. Both fixed and variable costs are
possible.
Economies of scale are financial benefits businesses receive as their production becomes more
efficient because expenses may be divided over a higher volume of products.
The ability to attain economies of scale is correlated with a company's size; larger businesses
can achieve greater cost reductions and higher output levels.
There are two types of economies of scale: internal and external. While external forces impact
the entire sector, internal economies are influenced by factors within a particular firm.

Understanding Economies of Scale

When it comes to economies of scale, the size of the company usually matters. The cost
reductions increase with the size of the company. There are two types of economies of scale:
internal and external. While external economies of scale are influenced by external causes,
internal economies of scale are founded on management decisions.
Accounting, information technology, and marketing are examples of internal functions that are
also thought of as operational synergies and efficiency. Economies of scale, which denote the
cost benefits and competitive advantages larger organizations have over smaller ones, are a
crucial notion for any business operating in any industry.
The majority of customers don't comprehend why a smaller firm would price more for a
comparable product that a larger company sells. This is so because the amount that the business
produces determines the cost per unit. By distributing the expense of manufacturing over a
greater quantity of items, larger enterprises are able to create more. A product's price may also
be set by an industry if multiple businesses operating in that industry produce comparable
goods.

Internal vs. External Economies of Scale

Internal economies of scale: Originate within the company, due to changes in how that
company functions or produces goods
External economies of scale: Based on factors that affect the entire industry, rather than a
single company
Internal Economies of Scale
Internal economies of scale are exclusive to just one company and result from internal cost
reductions. This could be the outcome of managerial choices made within the corporation or
just the sheer scale of the enterprise. Internal economies of scale come in various forms.
Technical: large-scale machines or production processes that increase productivity
Purchasing: discounts on cost due to purchasing in bulk
Managerial: employing specialists to oversee and improve different parts of the production
process
Risk-Bearing: spreading risks out across multiple investors
Financial: higher creditworthiness, which increases access to capital and more favorable
interest rates
Marketing: more advertising power spread out across a larger market, as well as a position in
the market to negotiate.

External Economies of Scale

On the other hand, external variables that is, factors affecting an entire industry are what allow
for the achievement of external economies of scale. Thus, no single business is able to control
costs on its own. These happen in the presence of a highly skilled labor pool, tax breaks and/or
subsidies, partnerships, and joint ventures anything that might reduce expenses for numerous
businesses in a particular industry.

Limits to Economies of Scale

For many years, the focus of technology and management approaches has been on the
boundaries of economies of scale. Technology that is more versatile results in lower setup
costs. Because equipment is priced more precisely to production capacity, it is easier for
smaller businesses to compete, such craft brewers and steel mini-mills.
Costs across companies of different sizes become more comparable when functional services
are outsourced. Accounting, human resources, marketing, treasury, legal, and information
technology are some of these functional services.
Set-up and production expenses can be reduced by using additive manufacturing (3D printing),
micro-manufacturing, and hyper-local manufacturing. Lower costs have been a result of global
trade and logistics, irrespective of the scale of a particular plant.
The International Monetary Fund reports that there has been a decline in the cost of machinery
and equipment as well as capital goods prices.

Economies of Scope
When one good is produced, it lowers the cost of producing another similar good, which is
known as an economy of scope. Economies of scope arise when a company can provide a
greater variety of goods or services at a lower cost by producing each good separately or in
tandem with another enterprise. When complementary goods and services are produced, a
company, organization, or economy's long-term average and marginal costs drop.
Economies of scope refer to circumstances in which the marginal cost of manufacturing two or
more items is lower when produced jointly than when produced separately.
Economies of scale refer to creating more of the same good in order to increase efficiency,
whereas economies of scope refer to producing a number of different products together in order
to lower costs.
Products that share production inputs, have complementary production processes, or are co
products or complements in the manufacturing process can all lead to economies of scope.

Understanding Economies of Scope

Economies of scope are financial elements that render the production of multiple goods at the
same time less expensive than producing them separately. Using the example of a train is a
straightforward method to demonstrate the contrast: Compared to having two distinct trains,
one for passengers and one for freight, a single train can carry more people and goods at a
lower cost. In this instance, a single train with cars set out for both categories is significantly
more economical, and it might also mean that passengers of the train pay less for tickets or
tons. Economies of scope can happen when the goods share production inputs, when the
production methods are complimentary, or when the products are co-produced by the same
process.

Co-Products
Cooperative production links between finished products can give rise to economies of scope.
These products are referred to as complements in manufacturing in the economic world. This
happens when the process of producing one good inevitably results in the development of
another good as a byproduct or side effect. Even though a product is sometimes a byproduct of
another, it might still be valuable to the manufacturer or market. Reducing waste and expenses
while increasing revenues can be achieved by finding a profitable application or market for the
by products.
Dairy farmers, for instance, divide raw milk from cows into Dairy producers, for instance,
separate the raw milk from their cows into curds and whey, with the curds being used to make
cheese. They also obtain a large amount of whey in the process, which they can market as a
dietary supplement to weightlifters and fitness aficionados or utilize as a high-protein feed for
cattle to lower their overall feed expenses. The so-called black liquor that is created when wood
is processed into paper pulp serves as another illustration of this. Alternatively, black liquor can
be used to heat and power the facility, eliminating the need for additional fuel and potentially
saving money on disposal or can potentially be converted into more advanced bio fuels for on-
site or commercial use. Producing and using black liquor lowers money on paper production.
Complementary Production Processes
scope economies can also be achieved by the direct interaction of two or more production
processes. A typical example of companion planting in agriculture is the "Three Sisters" crops,
which were historically cultivated by Native Americans. The Three Sisters approach, which
involves planting corn, pole beans, and ground trailing squash together, boosts each crop's
output while simultaneously improving the soil. The tall corn stalks offer support for the bean
vines to climb; the beans nourish the corn and squash by fixing nitrogen in the soil; and the
squash's broad leaves shade out weeds among the crops. All three plants benefit from being
produced together, allowing the farmer to grow more harvests for a lesser cost.
A modern example might be a cooperative training program between an aircraft manufacturing
and an engineering school, in which students from the school work part-time or intern at the
company. The company can decrease its overall expenses by gaining low-cost access to skilled
workers, and the engineering school can cut its instructional costs by effectively outsourcing
some instructional time to the manufacturer's trainers. The ultimate products being produced
(airplanes and engineering degrees) may not appear to be direct complements or share many
inputs, but producing them together lowers the cost of both.

Learning Curve
A learning curve is a mathematical concept that graphically displays how a process improves
over time as a result of greater knowledge and expertise. According to the learning curve idea,
tasks will take less time and resources to complete as the method is learnt. Hermann
Ebbinghaus, a psychologist, initially described the learning curve in 1885, and it is now used to
anticipate costs and measure manufacturing efficiency.
A learning curve is often described using a percentage to indicate the pace of improvement. In
the graphic representation of a learning curve, a steeper slope denotes initial learning, which
converts into bigger cost savings, whereas subsequent learning result in increasingly gradual
and harder cost reductions.
The learning curve depicts how long it takes to gain new skills or knowledge.
In business, the slope of the learning curve measures the rate at which acquiring new abilities
results in cost savings for the company.
A learning curve is commonly described using a percentage to indicate the pace of
improvement.
The steeper the learning curve, the greater the cost savings per unit of output.

Understanding a Learning Curve

The learning curve is also known as the experience curve, the cost curve, the efficiency curve,
or the productivity curve. This is because the learning curve gives cost-benefit measurements
and insight into all of the aforementioned areas of an organization. The higher the learning
curve, the greater the cost savings per unit of output.
The premise behind this is that every person, regardless of status, takes time to learn how to
perform a given task or duty. The amount of time required to produce the linked product is
significant. Then, as the task is repeated, the employee learns how to accomplish it quickly,
reducing the amount of time required for a unit of output.
That is why the learning curve is downward sloping at first, then flattens out near the end, with
the cost per unit on the Y-axis and total output on the X-axis. As learning progresses, the cost
per unit of output first falls before plateauing as it becomes more difficult to increase the
efficiencies obtained via learning.
Learning curves are frequently coupled with percentages, which indicate the pace of
improvement. For example, a 90% learning curve means that every time the cumulative amount
is doubled, the cumulative average production time per unit improves by 10%. The percentage
is the amount of time that will be carried over to future iterations of the task if production is
doubled.

Benefits of Using the Learning Curve

Companies know how much a person earns per hour and can calculate the cost of generating a
single unit of output using the number of hours required. A well-placed employee who is
positioned for success should reduce the company's costs per unit of output over time. The
learning curve can help businesses plan production, anticipate costs, and organize logistics.
The slope of the learning curve shows the rate at which learning leads to cost reductions for a
business. The steeper the slope, the greater the cost savings per unit output. The standard
learning curve is referred to as the 80% learning curve. It demonstrates that every doubling of a
company's output results in a cost of 80% of the previous output. As output increases, it
becomes increasingly difficult to double a company's prior output, as seen by the curve's slope,
implying that cost savings reduce over time.

Why Is a Learning Curve Important?

A learning curve is useful because it can be used as a planning tool to predict when operational
efficiencies will occur. The learning curve shows how rapidly a task may be completed over
time as the worker gets proficiency. This is valuable information for a corporation to have when
allocating staff time, providing training for new procedures, or allocating money across new
goods.

What Does a High Learning Curve Mean?

A steep learning curve shows that it requires a significant amount of resources to complete an
initial activity. However, it also means that subsequent performance of the same work will take
less time because the task is relatively simple to learn. A steep learning curve signals to a
company that something may necessitate extensive training, but that an employee will quickly
become adept over time.
Game Theory
Game theory is the study of how and why individuals and entities (known as players) make
decisions in their settings. It is a theoretical foundation for developing social scenarios with
competing players. In some ways, game theory is the science of strategy, or at least the optimal
decision-making of independent and competing actors in a strategic environment. Game theory
is utilized in a range of fields to describe different situations and anticipate their most likely
outcomes. Businesses may use it to set prices, decide whether to acquire another company, or
decide how to handle a litigation.
Game theory is the study of how and why players make decisions based on their
conditions.
The goal of game theory is to achieve optimal decision-making among autonomous and
competing actors in a strategic framework.
Real-world scenarios such as pricing competition and product introductions (among others) can
be laid out and foretasted using game theory.
Scenarios include the prisoner's dilemma and the dictator game, among many others.
There are several varieties of game theory, including cooperative/non-cooperative, zero-
sum/non-zero-sum, and simultaneous/sequential.
The purpose of game theory is to explain two or more players' strategic behaviors in a situation
with predetermined rules and consequences. When there are two or more players involved and
the payouts or penalties are known, we can use game theory to assist estimate the most likely
outcomes. Game theory focuses on the game, which is an interacting setting with rational
players. The core of game theory is that one player's payoff depends on the strategy used by the
other player.
The game determines the players' identities, preferences, available options, and how these
strategies influence the outcome. Depending on the model, additional needs or assumptions
may be necessary. Psychology, evolutionary biology, military, politics, economics, and business
are all areas where game theory can be applied. Despite its numerous breakthroughs, game
theory is a young and evolving field.
A game is a set of circumstances whose outcome is determined by the actions of two or more
decision-makers.
Players make strategic decisions within the context of the game.
A strategy is a comprehensive plan of action that a player will adopt in response to the various
scenarios that may happen throughout the game.
Payoff: The amount a player receives for achieving a specific outcome. The payment might be
in any quantifiable form, such as money or utilities.
The information set is the information available at any particular stage in the game. When a
game contains a sequential component, the phrase "information set" is sometimes used.
Equilibrium: The point in a game at which both players have made their decisions and an
outcome has been determined.
The Nash Equilibrium
Nash equilibrium is a state in which no player can increase payoff by altering decisions
unilaterally. It can also be viewed as a "no regrets" outcome in the sense that once a decision is
made, the player will have no regrets about it, notwithstanding the implications.
Typically, the Nash equilibrium is attained gradually. However, once the Nash equilibrium is
established, it cannot be broken. In such an instance, evaluate the impact of a unilateral move.
Does it make any sense? It shouldn't, which is why the Nash equilibrium conclusion is called
"no regrets."
In general, a game can have multiple equilibrium states. However, this is more common in
games with more intricate aspects than two players making two decisions. In concurrent games
that are repeated over time, one of these numerous equilibrium is obtained after some trial and
error.
This scenario of making different options over time before reaching equilibrium is most
commonly seen in the business world when two firms set pricing for highly interchangeable
products like airfare or soft drinks.

Impact of Game Theory

Game theory is used in nearly every industry and subject of study. Its broad theory can apply to
a variety of situations, making it a useful and essential idea. Game theory has a direct impact on
the following fields of study.
Game theory sparked a revolution in economics by addressing critical issues in previous
mathematical economic models. For example, neoclassical economics struggled to explain
entrepreneurial anticipation and could not account for imperfect competition. Game theory
directed focus away from steady-state equilibrium and toward the market process.
In business, game theory is useful for modeling conflicting behaviors among economic agents.
Businesses frequently face many strategic decisions that affect their potential to generate
economic gain.
Businesses can frequently choose their opponent as well. Some focus on external factors and
compete with other market participants. Others create internal goals and aim to outperform
their prior versions. Companies, whether external or internal, are constantly vying for
resources, striving to attract the best candidates away from competitors and prevent customers
from purchasing competitive products.
In business, game theory may best be represented by a game tree, as seen below. A firm may
start in position one and must choose between two outcomes. However, there are always more
options to be made; the exact payment amount is not known until the final decision is
processed.
SWOT Analysis
SWOT (strengths, weaknesses, opportunities, and threats) analysis is a framework used to
evaluate a company's competitive position and to develop strategic planning. SWOT analysis
assesses internal and external factors, as well as current and future potential.
A SWOT analysis is designed to facilitate a realistic, fact-based, data-driven look at the
strengths and weaknesses of an organization, initiatives, or within its industry. The organization
needs to keep the analysis accurate by avoiding per-conceived beliefs or gray areas and instead
focusing on real-life contexts. Companies should use it as a guide and not necessarily as a
prescription.
SWOT analysis is a strategic planning technique that includes assessment tools.
Identifying basic strengths, weaknesses, opportunities, and threats yields fact-based analysis,
new views, and novel ideas.
By employing these economic concepts, business managers can make educated and strategic
decisions in the face of growing costs, dwindling markets, and uncertain economic situations.
These ideas offer a framework for increasing efficiency, optimizing resource allocation,
anticipating competitive behavior, and improving overall strategic planning. Leveraging these
tools can assist firms in lowering costs, increasing productivity, and maintaining a competitive
advantage in a volatile and complex economic context.
A SWOT analysis gathers information from both internal sources (the specific company's
strengths and weaknesses) and external variables that may have unpredictable effects on
decisions (opportunities and threats).
SWOT analysis works best when different groups or voices within an organization are allowed
to give realistic data points rather than predetermined messaging.
SWOT analysis results are frequently synthesized to support a particular goal or decision that a
firm is facing.
SWOT analysis is a technique for evaluating a company's performance, competitiveness, risk,
and potential, as well as a subset of a firm, such as a product line or division, an industry, or
another entity. Using internal and external data, the technique can direct businesses toward
more effective strategies and away from those that have been, or are expected to be, less
successful. Independent SWOT analysts, investors, or competitors can also help them
determine whether a firm, product line, or industry is strong or weak, and why. SWOT analysis
is a technique for evaluating a company's performance, competitiveness, risk, and potential, as
well as a subset of a firm, such as a product line or division, an industry, or another entity.

Strengths
Strengths describe what a business excels at and what distinguishes it from the competition: a
strong brand, a dedicated client base, a strong balance sheet, innovative technology, and so on.
For example, a hedge fund may have created a proprietary trading technique that outperforms
the market. It must next determine how to exploit the results to attract fresh investors.
Weaknesses
Weaknesses prevent an organization from performing at its peak level. A bad brand, higher-
than-average turnover, high levels of debt, an inadequate supply chain, or a lack of cash are
examples of areas where the company must improve in order to remain competitive.

Opportunities
Opportunities are favorable external factors that may provide a business with a competitive
edge. For example, if a government lowers tariffs, a car manufacturer can export their vehicles
to a new market, increasing sales and market share.

Threats
Analysts depict a SWOT analysis as a square divided into four quadrants, each of which
represents a SWOT factor. This visual arrangement gives a fast picture of the company's status.
Although not all of the items under a single area are equally important, they should all provide
essential insights into the balance of opportunities and dangers, benefits and drawbacks, and so
on.
The SWOT table is frequently arranged with the internal elements on the top row and the
external factors on the bottom row. In addition, the items on the left side of the table are more
positive/favorable, whilst the items on the right are more concerning/negative.
Benefits of SWOT Analysis
A SWOT analysis won't solve every major question a company has. However, there's a number
of benefits to a SWOT analysis that make strategic decision-making easier.
A SWOT analysis makes complex problems more manageable. There may be an
overwhelming amount of data to analyze and relevant points to consider when making a
complex decision. In general, a SWOT analysis that has been prepared by paring down all ideas
and ranking bullets by importance will aggregate a large, potentially overwhelming problem
into a more digestible report.
A SWOT analysis requires external consider. Too often, a company may be tempted to only
consider internal factors when making decisions. However, there are often items out of the
company's control that may influence the outcome of a business decision. A SWOT analysis
covers both the internal factors a company can manage and the external factors that may be
more difficult to control.
A SWOT analysis can be applied to almost every business question. The analysis can relate
to an organization, team, or individual. It can also analyze a full product line, changes to brand,
geographical expansion, or an acquisition. The SWOT analysis is a versatile tool that has many
applications.
A SWOT analysis leverages different data sources. A company will likely use internal
information for strengths and weaknesses. The company will also need to gather external
information relating to broad markets, competitors, or macroeconomic forces for opportunities
and threats. Instead of relying on a single, potentially biased source, a good SWOT analysis
compiles various angles.
A SWOT analysis may not be overly costly to prepare. Some SWOT reports do not need to
be overly technical; therefore, many different staff members can contribute to its preparation
without training or external consulting

Break-Even Analysis
Break-even analysis compares sales revenue to fixed operating costs. The five components of
break-even analysis are fixed expenses, variable costs, revenue, contribution margin, and
break-even point (BEP). When businesses compute the BEP, they determine the amount of
revenue needed to cover all fixed expenditures and begin turning a profit.
Using the break-even point formula, businesses can determine how many units or dollars of
sales cover the fixed and variable production costs.
The break-even point (BEP) is considered a measure of the margin of safety.
Break-even analysis is used broadly, from stock and options trading to corporate budgeting for
various projects.

Pricing: Businesses get a comprehensible perspective on their cost structure with a break-even
analysis, setting prices for their products that cover their fixed and variable costs and provide a
reasonable profit margin.
Decision-Making: When it comes to new products and services, operational expansion, or
increased production, businesses can chart their profit to sales volume and use break-even
analysis to help them make informed decisions surrounding those activities.
Cost Reduction: Break-even analysis helps businesses find areas to reduce costs to increase
profitability.
Performance Metric: Break-even analysis is a financial performance tool that helps
businesses ascertain where they are in achieving their goals.
Business owners, as well as stock and option traders, use break-even analysis. Break-even
analysis is critical for calculating the minimal sales volume needed to pay total costs and break
even. It assists firms in determining pricing strategies, as well as managing costs and
operations. Break-even analysis is useful in stock and options trading because it helps
determine the minimal price movements required to cover trading costs and profit. Break-even
analysis allows traders to set realistic profit targets, manage risk, and make informed trading
decisions.
Cost benefit Analysis
Business owners, as well as stock and option traders, use break-even analysis. Break-even
analysis is critical for calculating the minimal sales volume needed to pay total costs and break
even. It assists firms in determining pricing strategies, as well as managing costs and
operations. Break-even analysis is useful in stock and options trading because it helps
determine the minimal price movements required to cover trading costs and profit. Break-even
analysis allows traders to set realistic profit targets, manage risk, and make informed trading
decisions.
A cost-benefit analysis is the process used to measure the benefits of a decision or taking action
minus the costs associated with taking that action.
A cost-benefit analysis involves measurable financial metrics such as revenue earned or costs
saved as a result of the decision to pursue a project.
A cost-benefit analysis can also include intangible benefits and costs or effects from a decision
such as employees morale and customer satisfaction.
More complex cost-benefit analysis may incorporate sensitivity analysis, discounting of cash
flows, and what-if scenario analysis for multiple options.
All else being equal, an analysis that results in more benefits than costs will generally be a
favorable project for the company to undertake.
Before constructing a new factory or undertaking a new project, sensible managers do a cost-
benefit analysis to assess all the costs and profits that the company may produce from the
initiative. The results of the analysis will determine if the project is financially viable or if the
company should pursue another idea.
In many models, a cost-benefit analysis includes the opportunity cost in the decision-making
process. Opportunity costs are the benefits that may have been obtained by choosing one choice
over another. In other terms, the opportunity cost is the loss of an opportunity due to a choice or
decision. All other things being equal, an analysis that results in more benefits than expenses is
often a favorable initiative or the company to undertake.
Factoring in opportunity costs helps project managers to examine the benefits of other courses
of action, rather than just the current path or choice, in the cost-benefit analysis. By taking into
account all possibilities and potential missed opportunities, the cost-benefit analysis becomes
more detailed and enables for improved decision-making.
Determine the Costs
With the framework behind us, it's time to start looking at numbers. The second step of a cost-
benefit analysis is to determine the project costs. Costs may include the following.
Direct costs would be direct labor involved in manufacturing, inventory, raw materials,
manufacturing expenses.
Indirect costs might include electricity, overhead costs from management, rent, utilities.
Intangible costs of a decision, such as the impact on customers, employees, or delivery times.
Opportunity costs such as alternative investments, or buying a plant versus building one.
Cost of potential risks such as regulatory risks, competition, and environmental impacts.
When determining costs, it's important to consider whether the expenses are reoccurring or a
one-time cost. It's also important to evaluate whether costs are variable or fixed; if they are
fixed, consider what step costs and relevant range will impact those costs.
Determine the Benefits
Every project will have different underlying principles; benefits might include the following:
Higher revenue and sales from increased production or new product.
Intangible benefits, such as improved employee safety and morale, as well as customer
satisfaction due to enhanced product offerings or faster delivery.
Competitive advantage or market share gained as a result of the decision
An analyst or project manager should assign a monetary value to each item on the cost-benefit
list, taking care not to underestimate costs or overstate benefits. When assigning a value to both
costs and benefits for a cost-benefit analysis, it is recommended to use a conservative approach
and make an attempt to eliminate any subjective tendencies when computing estimations.
Analysts should also be mindful of the difficulties in determining both explicit and implicit
benefits. Explicit advantages necessitate future assumptions on market conditions, sales
volumes, customer desires, and product expectations. In contrast, implicit costs may be difficult
to determine because there is no straightforward formula. Consider the example above
regarding enhancing employee happiness. There is no formula to compute the financial impact
of happier workers.
The cost-benefit analyst must often summarize data before presenting them to management.
This contains a succinct summary of the costs, benefits, net impact, and how the findings
support the analysis's original aim.
In general, a positive cost-benefit analysis indicates that the project's advantages outweigh its
expenses. A corporation must be cognizant of its limited resources, which may result in
mutually exclusive options. For example, a firm may have a limited amount of resources to
invest; even if a cost-benefit analysis of an upgrade to its warehouse, website, and equipment is
positive, the company may not be able to fund all three.
Conclusion
By employing these economic concepts, business managers can make educated and strategic
decisions in the face of growing costs, dwindling markets, and uncertain economic situations.
These ideas offer a framework for increasing efficiency, optimizing resource allocation,
anticipating competitive behavior, and improving overall strategic planning. Leveraging these
tools can assist firms in lowering costs, increasing productivity, and maintaining a competitive
advantage in a volatile and complex economic context.
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