Such evanescent environments give rise to a pressing need for sound economic analysis prior to making decisions. These factors work in tandem to increase the difficulty in precisely evaluating and determining the outcome of a business decision. This complex environment is coupled with a global market where input and product prices are have a propensity to fluctuate and remain volatile. Rapid changes in technology, greater focus on innovation in products as well as processes that command influence over marketing and sales techniques have contributed to the escalating complexity in the business environment. Decisions pertinent to production and marketing of goods are shaped with a view of the world both inside as well as outside the economy. Today, no business decision is bereft of influences from areas other than the economy. Increasing complexity in the business world has spewed forth greater challenges for managers. The success or failure of a business is contingent upon the decisions taken by managers. Managerial Economics 3 1.1 Introduction Managerial decisions are an important cog in the working wheel of an organisation.
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