From: http://www.managerial-economics-club.com/
The managers are required to make certain choices from amongst available options. The major issue has been allocation of resources. When you are managing a firm, you may be asked to pick out a product or service for maximization of profits. If you are a public manager, you may be asked to choose a sector for political investment like education or health.
While I was running a hospital as a manager, I had to decide whether to improve emergency equipment or allocate resources for infrastructure as a lot of people were failing to get admitted. I went for improvement in the emergency equipment. Eventually we were able to improve the infrastructure as well.
As an internet market I have often to choose from the products to promote for maximization of profits. There is always an opportunity cost involved in such kind of decisions. The managerial-economics-club.com is a little effort to answer a few of such problems.
